Jersey City, NJ Real Estate

[Stefanie R.]

Hi everyone, I am interested in purchasing property in NJ, specifically Hudson or Essex County.

I just noticed that this property in Jersey City is being offered at a relatively low price and is within a short distance from Manhattan:

https://www.redfin.com/NJ/Jersey-City/332-Martin-Luther-King-Dr-07305/unit-6/home/36430829

Do you think it could potentially be a good investment? Thanks!

[Joseph DiNardi-Mack]

Hi @Stefanie R.

Without seeing the financial figures I can only help you with the knowledge of the area. I live in Jersey City, downtown section, that area is not the best. It would definitely be a C or D property. The majority of people living in Jersey City who want to have access to the Manhattan commute live in the Journal Square, Heights and Downtown areas. Those three areas are the most in demand because they are the closes to the Path stations. While Jersey City is building up a lot, the Bergen Lafayette area has not seen much attention. The Communipaw area is starting new development though.

Also, since Jersey City has been building up a lot of property, the rental markets in the areas I mentioned above have seen a large increase in the supply of units and they are still building more in those areas. 

Hope that helps