From Politico:
NNewark is building again. Yes, that Newark—the city in Jersey that burned after the ’67 riots, the one that helped to define “white flight,” that struggles still with almost impenetrable unemployment and homelessness and crime. That city is building.
And here it all is—its past and present and future—pouring through Irene Hall’s floor-to-ceiling windows downtown: the whites and browns of the Old First Presbyterian Church, founded in 1666; haggard red brick facades with windows sealed off by cinderblock; the neon blue lights of Hotel Indigo, which opened last year in a long-vacant, century-old building near the busiest intersection in Brick City.“The colors are amazing,” Hall declares on this late February morning.
Though the five-year-old Courtyard Marriott, just up the block, doesn’t take Hall’s breath away, it is the first new hotel built in Newark’s downtown in 40 years.
If the story of Newark’s revitalization is all about buildings, Hall, a 60-year-old principal at a charter school here, is living inside one of its newest characters. Her eclectic, fifth-floor apartment is one of the residential units in Teachers Village, a $150 million, mixed-use project financed through a consortium of private and public investments and blessed with mammoth government tax credits. The development lives along five blocks of Halsey Street, just off of the city’s main thoroughfare and was designed to convert into residents some of the 6,000 teachers and administrators who commute to this city of 280,000 each workday.
“When we started thinking about middle income housing,” says Ron Beit, the project’s lead developer, “we thought, ‘Whoa, wait a minute. We have this crop of teachers coming into Newark every day and the energy they bring would be a great catalyst for our plan.’”
…
Thirty-three transactions and $130 million later, Beit and partners had amassed 79 properties, eight of those destined to become Teachers Village. The rest lie in wait for the next phases of the plan: a hotel; more residential, retail and office space; even an aeroponic farm smack in the middle of the city.
…
Beit, who was once described by Booker as the “James Brown of development,” uses words like “metaphysical” and “ecosystem” when discussing his vision for Teachers Village. Berggruen is even more elegiac. “Newark basically got abandoned, it was like a blank canvas,” he says by phone from Paris in early March.“My feeling is every neighborhood deserves beauty and quality, not because it’s challenged. Newark needs love. Paris doesn’t.”
…
But Beit and his partners sensed an opportunity. Newark’s relatively cheap land prices and its proximity to New York City—20 minutes or so by train—had attracted new investors and development to the city for the past decade. But there was still a “doughnut hole” in the center of Newark’s downtown, a circle of blight ringed by the city’s more established businesses and government institutions. What this urban abyss needed most, Beit thought, was middle-income earners willing to live and spend money there.
Go Cats!
…Newark’s relatively cheap land prices and its proximity to New York City…
Sure, everywhere is close to NYC.
This one sold for 599K last May. They threw in a Home Depot kitchen and bath and are asking 699K. And it’s a Keller Williams listing. What should I tell the listing agent?
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1510291&dayssince=&countysearch=false
By the way, each spring is getting progressively worse in number and quality of inventory since the so-called bubble burst.
You are making it more complicated than it really is. It’s not rocket science to win on real estate long term. People that lose in real estate, have it coming to them. They made terrible decisions and moves. If you play real estate conservatively, there is no reason you should lose. You keep giving me examples of people who lost doing risky moves. Buying in a bubble is risky move no 1.
The sf, nyc, and dc markets have risen on demand fundamentals, not greed and speculation. They have risen on pure demand during a “Great Recession” time period. They are prob the safest locations to put your money in real estate. You won’t see the highest growth in the next 10 years, but you have no chance of losing as the economy gains strength.
Ben says:
March 29, 2015 at 12:10 am
You can only lose if you sell. Yes, the immediate buys carry some major risk, but long term you will not lose.
So in your opinion, even if you buy at peak, housing always yields a positive inflation adjusted return if you hold onto it long enough? The entire price history of real estate 1900-2000 disproves that notion.
You know, there are people that bought yahoo at peak in 1999 that still have their stock. One day, they will sell for more than 100 and “win” in your book and even pathetically have to pay 15% of their so called winnings. But they’ll always be losers.
fake.
You are getting it. Location matters.
Honestly, if you want to make a risky play, Newark is a great bet. Its location and access to infrastructure should eventually win out. Eventually, developers will be attracted by the low cost of Newark land compared to the surrounding areas, combined with its close proximity to nyc, along with close access to rail, water, and air transportation. Developers will salivate at the potential and will eventually move in full force.
Telling you, don’t write off jersey. She is not going down anytime soon.
Fast Eddie says:
March 29, 2015 at 7:53 am
…Newark’s relatively cheap land prices and its proximity to New York City…
Sure, everywhere is close to NYC.
fraud.
Thank goodness we’re insulated and everyone is wealthy here.
https://homes.yahoo.com/news/achieved-american-dream-awful-040000718.html
Not a fake, and not a troll. Just someone who loves real estate and understands that the time to be negative on real estate in nj has passed. You had a long period to be focused on negative feelings for real estate. That time has passed. It’s not fixed yet, but it’s getting better every year. You want to buy before the market is fixed and euphoria takes over.
“Overnight, instead of a homeowner’s blissful daydream, the house became a nightmare we couldn’t afford. We’d purchased the house for $240,000. Just weeks later, it was worth less than $150,000. Our mortgage stood at $1,200 a month…”
So at $1200/mo it’s a blissful daydream of affordability. Then the house’s value drops, changing the payment to… huh, $1200/mo, weird… and suddenly they don’t have enough money for a low-grade emergency? It’s almost as if they didn’t have the financial reserves to buy a house.
I know a few people who bought big old houses in Newark for a song. None of them have kids. Hasn’t been such a hot investment so far. The psychological barrier of paying Newark taxes for Newark services is like Buyer-Away.
Read the first line and saw 2008, it was all I needed to see. Another idiot that bought in a bubble and now equates buying real estate as a bad thing. First, stop blaming real estate. Buying a house didn’t make you broke, your financial ignorance did that. If you bought in 2008, in my eyes, you are a tool. Only an idiot would have bought in 2008. I don’t feel bad for idiots, sorry. This guy made a terrible move, and made someone rich off of it. Meaning he is a loser and whoever sold it to him was a winner. No one put a gun to his head and told him to buy in 2008. Don’t invest, if you have no investing skills. Stick to renting, you will make someone rich at a much slower pace than buying their home in a bubble. He is a poster boy for the type of idiots it takes to create a bubble. So many of these type, and guess what, they will be back again in the next run-up.
Fast Eddie says:
March 29, 2015 at 9:04 am
Thank goodness we’re insulated and everyone is wealthy here.
https://homes.yahoo.com/news/achieved-american-dream-awful-040000718.html
Last time I checked, losing your job and having a costly medical emergency doesn’t absolve you from paying rent either.
Sure but is East Orange the next Newark? I found my castle. http://u.zillow.com/p2c9oY
Gotta pay the city $9.5K/yr on a home worth well under the $219K ask. Plenty of 10%+ increases in the tax history too. But it’s close to New York!
At least Newark has some offices downtown. EO and O should just angle for annexation by their big bro.
What’s old is news at Times
Albert Burneko, writing on Deadspin, offers this priceless description of The New York Times: “a grandfather clock that tells you what time it was five minutes ago.”
I love Monday morning quarterbacks. Everyone’s an expert after the fact.
Scratch another on off grim’s available pool…..or pol that is ….
http://pagesix.com/2015/03/29/matt-harvey-dating-polish-beauty/?_ga=1.170281312.1364055461.1410925202
My first job was in Newark for Prudential in 1979…..been awaiting the turnaround for quite a while now….
Sad country we live in where a medical issue puts you out of your house.
Some places have homestead laws (FL) that protect the house if the owner goes bankrupt. I think that is one reason people move there and go broke.
Obamacare has a maximum out of pocket of $6k for a single person and $13k for a family. You dont need to lose the house if you get sick.
“Sad country we live in where a medical issue puts you out of your house.”
https://www.healthcare.gov/glossary/out-of-pocket-maximum-limit/
obamacare out of pocket max
Obamacare has a maximum out of pocket of $6k for a single person and $13k for a family. You dont need to lose the house if you get sick.
What good is it? The doctor’s aren’t getting paid with government plans so they don’t accept them. My accountant told me yesterday. He’s been hearing the same complaint over and over from his clients.
24
Patients or doctors?
I guess it doesn’t really matter, patients can’t get doctors, or doctors complaining they can’t suck enough off the government teet.
I’m going with the latter.
All Health Insurance providers are mandated to have a Out of Pocket maximum same amount as Obamacare. Not just Obamacare enrolees
“What good is it? The doctor’s aren’t getting paid with government plans so they don’t accept them. My accountant told me yesterday. He’s been hearing the same complaint over and over from his clients.”
Congress just passed a permanent fix on medicare payments that will hurt the 1% on a Republican Congress
http://www.wsj.com/articles/house-passes-medicare-doc-fix-bill-1427386278
“I guess it doesn’t really matter, patients can’t get doctors, or doctors complaining they can’t suck enough off the government teet.”
All Health Insurance providers are mandated to have a Out of Pocket maximum same amount as Obamacare. Not just Obamacare enrolees.
If you can’t find a doctor that takes insurance ABC, what good is it? If you got it through an exchange, then no one gives a f.uck about your out of pocket maximum. You got a card that claims that you have insurance but no one takes it. Again, what good is it? Don’t want to pay for a medical procedure or can’t afford it? No problem, the tax payer will pay for it.
It’s a scam, a ruse, a reverse ponzi scheme! It’s not about medical coverage! Why do people defend this administration? I’m telling you what that account is telling me; he’s hearing nothing but horror stories on both sides! How does he know? He’s a f.ucking CPA!!! Who would know more than those that actually have to make sense of this bullsh1t!
The biggest differential between the USA and other OECD countries is the cost of labor and our labor is anywhere up to 70% higher compared to the rest of the modern world. Plan is to make the doctors join, there simply isn’t enough Cadillac plan participants to go around.
How can you not find a doctor that is contracted inNetwork? They give you a book of Doctors names.I wrote a long answer but it will not get through
28,
Fire your accountant. If he will say something so misinformed I’m sure hes losing money for you somewhere. Or he just knows you well enough to feed you what you want to hear.
#25,
You’d be correct.
Living in the burbs is strange sometimes.Neighbor today cut down 5 pine trees each about 30 – 40 ft tall, on the edge of his property. I gather he wants to cut down the heating bill on his pool. Zero privacy now unless he plans on planting something new. I may need to put in some new trees myself.
Re: #30 – A family member is on a Obama care plan. They had to wait for months for treatment. Doc’s that participate aren’t that readily available even here in NJ. Over time the boomer docs will retire the younger docs will learn to do with less.
The sf, nyc, and dc markets have risen on demand fundamentals, not greed and speculation. They have risen on pure demand during a “Great Recession” time period. They are prob the safest locations to put your money in real estate. You won’t see the highest growth in the next 10 years, but you have no chance of losing as the economy gains strength.
You realize San Francisco lies on a major fault line? Major earthquakes have hit in 1857 and 1906 and there is a lot of credible research suggesting that another one could happen over the next decade or two. I’m sure your 1 million dollar loft will lose money after a 7.8 hits and levels the entire neighborhood.
#34
Did family member need a Speci@list? It happened to me. The Speci@list can see me in 2 months. I dont have O’care. Some are booked solid for months.
re # 36 – Yup. So don’t get sick for now until this sorts itself out. Older Docs will retire younger ones will have to deal with less Benjamins.
[34] juice
“Re: #30 – A family member is on a Obama care plan. They had to wait for months for treatment. Doc’s that participate aren’t that readily available even here in NJ. Over time the boomer docs will retire the younger docs will learn to do with less.”
These aren’t defects; they’re features.
[14] grim
“Last time I checked, losing your job and having a costly medical emergency doesn’t absolve you from paying rent either.”
http://www.readyforwarren.com
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