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July 2, 2009
Jersey CITY Brownstones
I heard from someone that fixer-upper brownstones in so-so (slowly gentrifying) nabes in JC can be had for the (surprisingly) reasonable fixer-upper price of as low as 200K. Anyone out there that can confirm this?
Comments
ive looked at a number of bstones in pretty decent areas of j.c., some requiring a bit of work, and they were nowhere near the 200's. im not sure what part of j.c. youre looking at. there are some really dodgy areas, but i havent ventured in them to see if they actually had bstones...i presume thats not the area you mean when you say 'so-so slowly gentrifying' though
Posted by: goldie at July 2, 2009 3:31 PM
I haven't seen any places. Really wanted to know if it was worth it to go. What's the price range for an unrenovated
near public trans?
Posted by: Joe from Brooklyn at July 2, 2009 3:37 PM
i was seeing in the 700s for decent quality, not gut-renos. about 3 stories, nice sized backyards, short walk to PATH, near park and restaurants.
Posted by: goldie at July 2, 2009 3:40 PM
The first one I saw online looked like a newly renov. near the path on a block that looks like Carrol st. in PS was 900 something. Sounds about right.
Posted by: Joe from Brooklyn at July 2, 2009 3:43 PM
Keep in mind that Jersey City RE taxes are MUCH higher than NYC.
Posted by: Bob Marvin at July 2, 2009 4:18 PM
The Jersey City Heights neighborhood is pretty nice and a lot less expensive than downtown JC. If you commute to the City you have to take a bus or a bus and a train, though.
There are also some neighborhoods near Journal Square that look interesting. Don't know about the $200K except in maybe the Greenville area, which, based on driving around may be kind of dicey.
Several years ago I saw some interesting (and very cheap) properties along the HBLRT (the light rail) towards the Liberty Science Center. I noticed that for the most part the HBLRT was a train to nowhere. Wonder who owns all the vacant land?
Back a bit from the water from the HBLRT there are a number of townhouse-type homes that look like they may have been built with HUD money in the 1980's. Many of the owners had erected tall, iron front gates and window bars, so there are or were some robbery issues, I guess.
Investment-wise with Jersey City I'd recommend staying downtown or keeping an eye on the path and schedule of the HBLRT.
The tax rate in Jersey CIty is higher but I'd evaluate that cost as part of your due diligence before buying.
P.S. Not all the tax rates in NY are lower. It's the most uneven tax assessment I've ever seen. I checked out my neighborhood and house by house things differ wildly.
Posted by: bessie2 at July 2, 2009 4:34 PM
Im actually considering Downtown JC as my next purchase. Areas that are nice are Paulus Hook, Hamilton Park and Van Vorst Park. Most streets look like any street in prime BK with large brownstones and or frame houses on tree lined streets. - these areas genuinely have a good mix of folks with all colors, professions and sexual creeds. I lived in downton JC for 2 years and Jersey City Heights for 3 years from 1998-2003 and enjoyed livng there. I am not seeing bwstones in thr 200's - more like 650-900 in nice areas close to the Grove Path and amenities.
Posted by: gemini10 at July 2, 2009 6:19 PM
There probably are some at around that figure in the Greenville area - although I know some owners still seem to believe the market is going up (wierd?) and are trying to sell wrecks for silly money. Having said that, I'm seeing more and more commuter types getting off at the Martin Luther King and Garfield Ave stops on the HBLR. There are some really lovely brick houses near Arlington Park and the Library Lofts conversion, and some nice houses scattered around. It's kind of like Bed Stuy - it varies block to block - but we have been on ours 3+ yrs (1 block from MLK stop) and had no trouble and really nice neighbours. 6 blocks to the south is a different story. Look around. Use your common sense, walk around in daylight, and look at houses near the train.
Posted by: zil at July 2, 2009 7:49 PM
I live in downtown Jersey City. I loved it here. I moved here from the East Village about 16 months ago. Downtown you are going to see maybe 500's for a wood frame house that needs some work, not a total gut job. bricktownhouses and brownstones start a little higher in the high 600's 700's. Their is a total gut job right on Grove street 3 short street blocks from the PATH. It's a full 4 story brick townhouse but it needs a total gut, for 540k.
You can get some brick houses in the Greenville area which does have a crime problem but that's why you are getting them so cheap.
If you ever need some pointers about the area don't hesitate to give me a call. You can find my numbers and email online.
Posted by: Adam Dahill at July 3, 2009 8:52 AM
Some property taxes are higher but I've still seen townhouses in the 4k tax range in Jersey City. The thing you also need to consider is that you don't have to pay the 1.8% NY Mortgage Tax which saves you a ton when saving for the downpayment. Also you will not be paying the NYC income tax and Jersey State Income Tax is less than NY State Income Tax so any property taxes that are higher will probably be a wash if not come in cheaper.
Posted by: Adam Dahill at July 3, 2009 8:55 AM
We moved to downtown JC from Brooklyn in November. We've been investigating different hoods for future purchase(2010), and this is what we found.
Greenville = Brownsville or East New York
Market Price Range = mid 100's for a fixer upper to 400's for Jersey equivalent of Fedders (multi-family).
Bergen Lafayette = Bed-Sty
Some beautiful brownstones and townhomes.
Market Price Range: mid 200's for a fixer upper to high 400's for mint condition
Commute: Path+Lightrail
Jersey City Heights = Sunset Park
Diverse Housing Stock, large Hispanic population. Pretty Safe.
Market Price Range: mid 200's for a fixer upper to high 600's (along Palisades ave - great city views)
Journal Square Area - all of the above depending on block
Market Price Range: upper 200's for fixer uppers closer to Summit Ave - 700's for mint Victorian mansions in Lincoln Park.
Downtown - BoCoCa
Market Price Range: low 500's for fixer uppers to 1 mil for good condition brownstones/townhomes.
BIG PLUG FOR JC: FREE PK-3 and PK-4 with aftercare until 6pm ($90 a month for the aftercare).
Note: these are listing prices. There are many forclosure opportunities at significant discount (not downtown).
Posted by: kdabrowski at July 7, 2009 11:18 AM
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