As most on this board are investors looking for cheap US property, I want to touch on another area. I've been with Weichert Realtors in Hoboken, NJ for quite some time and through my website, I analyze submarkets outside of New York City located in New Jersey within 12 miles of Manhattan. http://www.NewJerseyRealEstateGuys.com …Yes, if you go to that site, you will see a big picture of my ugly mug
Click on this article when you are thru with my jabber: Hudson County Rental Market
In 2012, a report will come out that NJ created the most private sector jobs in 2011. The Garden State is definately going to record the largest annual gain in private sector jobs in more than a decade.
If you have ever been to NYC or Metro NJ, you will notice that it is very urban…Double that these days. Proximity is everything and Manhattan real estate buyers are overflowing into the NJ urban markets such as Hoboken, Jersey City, Bayonne, etc… From there, you can be in Port Authority or 33rd St in less time it takes to get there from the Upper West Side. About 7 minutes.
New Jersey is a market for buy and hold. Your Cap Rate on a single unit condo will be low, about 5%, but your long term growth potential is incredibly high. High dollar investors are also targeting the area including NYC due to future potential. Take a stab at my website and get to know the area..
Multi-Family buildings in the $400k to $1 million range are getting 9% Cap Rates and the area commands rental units like you command oxygen.
CheevesFinancial | Cushman & Wakefield - Commercial Property SW FL
http://www.CommercialRealEstateVoice.com
Email Me | Phone MeCheevesFinancial wrote:As most on this board are investors looking for cheap US property, I want to touch on another area. I've been with Weichert Realtors in Hoboken, NJ for quite some time and through my website, I analyze submarkets outside of New York City located in New Jersey within 12 miles of Manhattan. http://www.NewJerseyRealEstateGuys.com …Yes, if you go to that site, you will see a big picture of my ugly mugClick on this article when you are thru with my jabber: Hudson County Rental Market
In 2012, a report will come out that NJ created the most private sector jobs in 2011. The Garden State is definately going to record the largest annual gain in private sector jobs in more than a decade.
If you have ever been to NYC or Metro NJ, you will notice that it is very urban…Double that these days. Proximity is everything and Manhattan real estate buyers are overflowing into the NJ urban markets such as Hoboken, Jersey City, Bayonne, etc… From there, you can be in Port Authority or 33rd St in less time it takes to get there from the Upper West Side. About 7 minutes.
New Jersey is a market for buy and hold. Your Cap Rate on a single unit condo will be low, about 5%, but your long term growth potential is incredibly high. High dollar investors are also targeting the area including NYC due to future potential. Take a stab at my website and get to know the area..
Multi-Family buildings in the $400k to $1 million range are getting 9% Cap Rates and the area commands rental units like you command oxygen.
I am still looking at my long Island homes. Just can't see the deals up north. The South is so cheap compared to the North.Not sure about Commercial as I am just getting my feet wet their. Would like to discuss this with you on our trip down to Florida.
Talk soon
AlexLong Island is pretty stagnant right now.. So are the NJ suburbs.. There may still be a significant drop in these areas. I am referring to the condo market in areas on the waterfront within 10 minutes of Manhattan by bus / PATH / Train. Inventory is down in these areas and absorption rate is 25% better than last December.
Speaking of Long Island, my buddy in Siosset (sp), a local policeman who has owned his house since 1992 but has since paid it off just sold his home.. 1992 Purchase Price: $198,000. 2011 Resale: $825,000. I was extremely jealous of the money he came into this year with that! One of my best friends so I'm happy for him.
Hudson County, NJ….Alex, that is where you need to look into multi-fam…
CheevesFinancial | Cushman & Wakefield - Commercial Property SW FL
http://www.CommercialRealEstateVoice.com
Email Me | Phone MeMy parents house in Port Jefferson Long Island close to the water.Picked up in 93 for $145k resold in early 2000 not sure exactly.Sold for just under $1m . Property Tax $16k a year. They moved to South Carolina purchased a bigger home for $120k and taxes of $1200 a year..They were happy to say the least…
Hudson I fought in a tournament in NJ can't ( think it was trenton but that was years ago. Even growing up in NY know nothing about NJ. That's that start of the South to any true NY person.LOL
Grapplers Quest was the event I fought in …back then
Alex
CheevesFinancial wrote:Long Island is pretty stagnant right now.. So are the NJ suburbs.. There may still be a significant drop in these areas. I am referring to the condo market in areas on the waterfront within 10 minutes of Manhattan by bus / PATH / Train. Inventory is down in these areas and absorption rate is 25% better than last December.Speaking of Long Island, my buddy in Siosset (sp), a local policeman who has owned his house since 1992 but has since paid it off just sold his home.. 1992 Purchase Price: $198,000. 2011 Resale: $825,000. I was extremely jealous of the money he came into this year with that! One of my best friends so I'm happy for him.
Hudson County, NJ….Alex, that is where you need to look into multi-fam…
Common California and west coast scenerios. I bought my Palo Alto home in 1985 for 190k… I sold in 92 for 500k…. House just sold for 1.5 the person I sold to did a 200k reno though.
LA is the same in the good Markets. Same with Seattle… Portland were we live would be mid 1985 buys at 100k or so sale today at 300k plus.
Its all about supply demand and high paying jobs.
The west coast in the high end areas. Pennisula of Bay Area. LA's better hoods… Seattle Portland. there is no ability to sprawl like Dallas Houston Atlanta etc. so never got really over built.
Take Pheniox Vegas Atlanta Florida INland empire of CA. and you have huge amounts of houses. so values crashed or never moved
JLH
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