Come to the dark side

From CNBC:

Jersey City becomes alternative to New York, but without the ‘sticker shock’ in prices

Real estate prices in New York City have cooled but remain astronomically high, so Jennifer Tobias, a senior designer at the Studio Sofield design firm in lower Manhattan, found a nearby refuge.

Located just across the Hudson River from Manhattan’s West Side, Jersey City is being touted by some as the latest alternative to New York City’s torrid real estate market. It’s where Tobias joined a growing number of area residents who find Jersey City more affordable when compared to its more famous neighbor.

“My apartment is a 310 square foot studio in a 28-unit building,” Tobias told CNBC recently. Her unit cost $195,000 when she bought it in 2007, and she said that its current value is $312,000.

“A similar apartment in New York City would easily cost twice as much,” she added. Her residence faces Van Vorst Park, which has a farmer’s market, Shakespeare performances and outdoor movie nights. A wide range of restaurants and bars can be found within an eight-block radius, and the overall cost of living is low.

She isn’t only getting a more affordable lifestyle across the river. New York’s outer boroughs like Brooklyn and Queens, have traditionally offered lower cost housing. However, prices there have also skyrocketed in recent years, forcing residents of modest means to look elsewhere.

Enter New Jersey, which for years dwelled in the shadow of its larger-than-life counterpart across the Hudson, but has definitively come into its own. Places like Jersey City have emerged as alternatives to the Big Apple for cosmopolitan-minded residents.

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11 Responses to Come to the dark side

  1. Lurks McGee says:


  2. Very Stable Genius says:


    30+ security agents accompanied Pruitt on vacation to Disneyland and Rose Bowl; $3,000,000 in costs and counting

  3. grim says:

    Nobody in government should have security. The threat of violence and assassination is a natural check and balance to abuse of power.

  4. 3b says:

    Jcer all true. But the daycare expenses will be over in a few years and that’s the biggest expense. If one takes off today and comes back in 5 or 6 years it is very difficult. When I bought my first house in the late 80s it was 180k in a good town ,schools blue ribbon even though I think that’s a bunch of crap ,plus train town and the taxes were around $1600. Today the same house around 400k with 12k or more. I feel bad for this generation.

  5. dentss dunnigan says:

    Yes you too can be a proud resident of JC where the rest of the state puts your kids through school ,because you don’t have to pay your fair share ……just because the democrats say so …

  6. Blue Ribbon Teacher says:

    When? What years? Current? Recent?

    Also, your eye comment. First, I’m sorry that person had to deal with such a thing. My wife was put in the exact same position? How much out of pocket? You understand also that even out of pocket, there is an incredibly low stop loss.

    1997-2001. High 4 figures. I fully understand most people have shitty health insurance. But my so called Cadillac plan is closer to a used kia at this point.

  7. true sue says:

    One Day Before Retirement, Nest Egg Smashed by Jersey city Mayor’s Executive Order…Jersey City Mayor Steven Fulop practically wiped out a couple’s retirement with the stroke of a pen.

    He decided to issue an executive order banning the demolition of any homes for six months.

    During those six months, Fulop wants the city council to pass new laws, “which will better protect the City’s culturally, historically and/or architecturally significant buildings and structures.”

    The proposed new law would force property owners to get demolition approval from the historic preservation officer. This officer would have total discretion over granting or denying permits. If the permit is denied, the property owner can appeal to the Historic Preservation Commission.

    But what this means for developers is total uncertainty. You can’t invest in a property that you might not even be able to use. And how can you tell if your demolition permit will be approved before buying the property?

    Overnight the value of homes in the city was tanked by this executive order, while vacant lots are now more prized than ever by developers caught in the new regulatory net.

    The order says this is “in the City’s best interest.”….

  8. grim says:

    They would be better off just rolling the bulldozers and telling Flop to f*ck off.

  9. chicagofinance says:

    I just pieced together that Springsteen’s private home recording studio is about a one mile walk from where I live….

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