From the NY Times:
When Zacheus and Ratri Chan showed up at an open house for a townhouse in the Bergen-Lafayette neighborhood of Jersey City last fall, there was a line down the street.
The six-bedroom was listed at $300,000, but it needed a fair amount of work. “In the basement, there was a sewage leak. And there was some water damage to the roof, some exposed walls. It didn’t smell good,” Mr. Chan said.
Despite the house’s condition, the Chans put in a $520,000 offer, outbidding more than 20 other prospective buyers.
“We just wanted that place,” Mr. Chan said, adding that they had been won over by details like the plaster ceiling medallions and what appears to be the home’s original wallpaper — apparently the only things in good condition.
The Chans, who first moved to Jersey City 12 years ago, into a two-bedroom condo downtown, are putting another $500,000 into the renovation. “We have a daughter who is almost 3. We love the city and feel like we want to be here longer.”
It’s an increasingly common sentiment in Jersey City.
As the city’s population has grown and its skyline has been redrawn with new high-rises over the past decade, singles and couples who moved there as young adults are electing to stay and raise families.
At the same time, new waves of priced-out Manhattan and Brooklyn residents show no signs of abating. As of July 2017, Jersey City had 270,753 residents, an increase of 9.3 percent since 2010, according to estimates from the United States Census Bureau. The number of families has also increased, from 56,997 to 59,886.
…
“Jersey City has been maturing for decades. At this point, it’s an extremely well-known marketplace and is seen as a housing opportunity for anyone moving to the New York scene,” said Michael Barry, the president and an owner of Ironstate Development Company. “It used to be much younger, but people that came here in the 80s and 90s stayed and fell in love with the area. Now people don’t move out when they have school-age children anymore.”
The sick part about current jersey city prices when looking forward…they are currently ultra cheap compared to what it will cost 20 years from now. You want a lotto ticket, buy in a very good location in jc. Your future self will be thanking you.
JC is not ultra cheap.
Grim,
You can guarantee a lot of those 1 million apartments will be 2 or 3 million in twenty years. Current pricing is still early to the party on the long term scale.
Yeah until JC is forced to pay for their own school and taxes quadruple.
BRT,
For his “expertise” in economics, Blumpkin has no clue how tax subsidies, new dev tax abatements and corp tax breaks play into Hudson real estate bubble.
Hudson and Salem schools both funded by state. No difference in funding but big difference in house prices. School funding not a price driver, focus on other factors!
I’ve accepted the fact that the west coast is the center of gravity and want no part of the upcoming Hudson crash.
Yo! says:
October 27, 2018 at 1:32 pm
Hudson and Salem schools both funded by state. No difference in funding but big difference in house prices. School funding not a price driver, focus on other factors!
Blue,
Read the article I posted at 4:28. It’s bs that most blow it all. It’s taking a rarity and applying it as a norm. That’s what the study says and I tend agree. Do some sport athletes go broke? Sure, but is that the norm? So let’s not do the same with the lottery. ARod is killing it with the money he made from baseball. Absolutely killing it. He was a poor Dominican, so believe that bs that all poor people are bad with money.
It is BS that all poor people are bad with money. What’s not BS is that people that are poor with managing money are guaranteed to be poor. There’s a reason A-Rod didn’t go broke. He’s very well versed in finance and knew how to put his money to work. I’m pretty sure, his family was always good with money.
Then you have a guy like Mike Tyson. $500 million gone in an instant. Floyd Mayweather is another one. He has to keep coming out of retirement because he blows $100 million a year. I’d be willing to bet that Floyd is completely broke in 5 years, especially when no one is wiling to watch his fights.
The lottery doesn’t matter. Even if you have a winner that blow it, their kin likely will in the future. Do you actually want to outlaw it? Wtf are you complaining about here?
More concise:
For his “expertise” in economics, Blumpkin has no clue.
how tax subsidies, new dev tax abatements and corp tax breaks play into Hudson real estate bubble.The lottery is a voluntary tax on the stupid. I will never win the lottery because I’ve never bought a ticket. Somebody should put together a data set that shows what an average lottery ticket buyer’s holdings would look like if every dollar was put in a no load mutual fund based on a broad market index. My independently wealthy MIL still buys lottery tickets every week. I tell her frequently that I hope she never wins because it would significantly shorten her lifespan. If she had $50 million instead of $5 million she would never be able to handle daily market fluctuations that she barely handles now.
Pittsburgh Shooter – This proves that Trump is a Nazi. If you don’t believe me, just watch CNN this week.
Thoughts and prayers amirite
Jersey City is a traffic filled soulless nightmare. I hate working there.
Coming this spring a trip to DMV to get a Real ID, this new drivers licence will be good for 8 years.
https://www.nj.com/traffic/index.ssf/2018/10/need_a_drivers_license_you_can_use_at_the_airport.html
So when American politicians blame Soros for opposition to the administration, or celebrate “nationalism,” or declare the United States is a “Christian nation” (as opposed to a country in which a majority of people are Christian), they are consciously or unconsciously channeling and amplifying anti-Semitism.
https://www.washingtonpost.com/news/opinions/wp/2018/10/27/american-anti-semitism-its-getting-worse/?utm_term=.6a2ef8cf0716