Bergen county has a lot more open space, so there is a lot of larger scale development going on there, but it takes months to years and years to get approvals, so there seems like less going on, but the market really is not stagnant at all. There are 3 new large condo and apartment developments that should break ground shortly. As far as smaller scale investments, towns like Lyndhurst and Garfield with older homes in closer proximity to one another are still available to flip.
Hudson county has a lot of smaller flips or two-three family new construction going on because a lot of the areas in Hudson haven't been renovated in 50+ years so there's a lot more to purchase at a lower price, plus with areas of Jersey City and Union City so close to hoboken and downtown JC and increasing in pricing so quickly, it's a more solid investment. It's just another case of supply and demand. People want to live close to the city, but don't rule out Bergen. Still a lot of money to be made all over that county.
Bergen county has a lot more open space, so there is a lot of larger scale development going on there, but it takes months to years and years to get approvals, so there seems like less going on, but the market really is not stagnant at all. There are 3 new large condo and apartment developments that should break ground shortly. As far as smaller scale investments, towns like Lyndhurst and Garfield with older homes in closer proximity to one another are still available to flip.
Hudson county has a lot of smaller flips or two-three family new construction going on because a lot of the areas in Hudson haven't been renovated in 50+ years so there's a lot more to purchase at a lower price, plus with areas of Jersey City and Union City so close to hoboken and downtown JC and increasing in pricing so quickly, it's a more solid investment. It's just another case of supply and demand. People want to live close to the city, but don't rule out Bergen. Still a lot of money to be made all over that county.
I would agree with Jessicas' assessment and advice of the differences between the two counties @David Smith keep searching Bergen County there are good deals to be had there, as you do your research you may even stumble upon a few areas where deals exist that are currently flying under the radar ;-)
Looks like both West New York and Union City have areas under the Qualified Opportunity Zone. I assume this will only accelerate the velocity of investments and revitalization in these areas? Anyone have any insight or stats?
Looks like both West New York and Union City have areas under the Qualified Opportunity Zone. I assume this will only accelerate the velocity of investments and revitalization in these areas? Anyone have any insight or stats?
I was reading an article written in earlier 2000s. It was talking about that Union City was upcoming and it was good place to purchase properties for a few of reasons that we still talk about today. Union city properties prices went very high before 2008. The crisis hurt that market very badly. It is interesting and also hard to bid on the future.