Looking to buy in Jersey city, hoboken area

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Looking to buy in Jersey city, hoboken area

Dev Paul
Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes

What's the current situation in Northern Jersey in terms of demand and supply? I have shortlisted Jersey city and Hoboken due to access to NYC and good rental market (Also I live in the area currently). Im looking to buy for myself- a single guy. Budget is 500-525k max, with monthly payments (including taxes, insurance and HOA fees) not exceeding 3000, preferably 2600-2700. Can go for either 10% or 20% down payment. Ideally a 1 bd 1ba condo, but can settle for a studio if its really nice building. Dont want to buy in an old building or a run down area. Any pointers? Also, any other nearby towns on the train line, no longer than 40 min commute to NYC, I can consider? Open to similar places in NY state and CT as well. Thanks in advance.

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  • Farrukh Amini
    Rental Property Investor · Jersey City, NJ · Member since 2018 · 176 posts · 80 votes
    6y

    A quick search of downtown JC on Zillow around Hamilton park which is walking distance to Path trains shows plenty of good options that fit your criteria under 500k.

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  • Jason Lee
    Real Estate Agent · New York, NY · Member since 2015 · 401 posts · 235 votes
    6y

    Sales volume is down, pending sales are down, the number of buyers is down, but inventory is also way down. There's not much for you to choose from. In your budget it's mostly older buildings and walk ups, maybe a few conversions, but it's going to be tough to find something new, even if you consider studios (which I would probably lean away from). If you like JC and Hoboken there aren't that many other "similar" nearby towns in that radius. There are nice towns, but not as walkable and with different kinds of amenities.

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  • Dev Paul
    OP
    Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes
    6y

    Thanks for your replies, guys.

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    Prices are down a lot on condos without an outdoor space at all while prices have gone up, for what is on the market, for those with outdoor spaces. The market is less saturated now, but just as busy in JC and Hoboken. With what you re looking for you can definitely find something. I also think if you give up outdoor space, you may be able to swing into a good deal.

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  • Dev Paul
    OP
    Jersey city, New Jersey (NJ) · Member since 2018 · 65 posts · 8 votes
    6y

    Thanks Jonathan. Honestly I dont care much about outdoor space or parking. I need a good building and area. 

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