Looking at Property in Hackensack

By | February 19, 2007

I joined my friend in looking at some property in Hackensack, NJ. There was a new development going on Prolifly St. My friend was looking at a 1500 sq ft 2-bedroom apartment, priced at $399K. The condo’s design was loft-style, so it was spacious. It has two baths and a walk-in closet in the master bedroom. The condo comes a reserved parking space on the ground floor. The location of the building was right next to a 24 hour Rite-Aid store. The NJ Transit train and bus were two blocks away. The George Washington Bridge is only 8 minutes away by car.

My friend was looking for an apartment for himself and his girlfriend. The place would be a comfortable living for both of them.

I was looking at it from an investment standpoint. I ran some numbers in my head and figure I would need at least $2500/month in rent to cover the expenses of owning it. Even though the apartment is very spacious and would definitely be a luxury living, I don’t think it would be likely I can rent out the apartment for $2500.

Hackensack is very close to New York City. The property there has a very good chance of appreciation in the next few years. My friend and I predict that the apartment we looked at may hit $600K in two years.

Here is some information on the building:

Ambiance of Hackensack

About Hackensack, New Jersey

8 thoughts on “Looking at Property in Hackensack

  1. Investoid

    According to CNN’s most recent report, greater New York area housing increased only 2.3% on average last year. What makes you think it will suddenly jump to over 20%?

    That said, all real estate is local (neighbourhood by neighbourhood), so maybe it’s just in that particular area that is abnormally higher than the rest of the area.

    Keep up the good work on the blog!

    Reply
  2. itwillcome

    Don’t do it….that area is still kind of shady. There are plenty of town houses and condo’s going up all over Hackensack. A lot of them are not selling. Look over on essex, union…anderson and u’ll see. You won’t be able to rent it for $2500 and don’t forget about parking. That’s a horrible location. BTW I live close by off of summit…

    Reply
  3. Smarty

    Investoid,

    You’re right, I have no substantial reasons that the condo value will skyrocket in the next two years other than speculation and hype from people who has been to the area.

    Reply
  4. Smarty

    itwillcome,

    Could you tell me more about the neighborhood on Essex and Summit, such as the demographics and living style. How much do you think rent goes for in that area? How could the value of the property go up if there are no buyers? Wouldn’t it go down?

    I forget to mention that the condo comes with a reserved parking space, so the owner wouldn’t have to worry about parking. But you have mentioned that it is kind of shady. And I get that feeling too when I was over there but I could not grasp what is shady about it. Could you please explain to me.

    I appreicate your comments.

    Reply
  5. itwillcome

    Hackensack is pretty diverse…you have pretty much every race living there but certain parts are nice and others leave a little to be desired. If he wants to buy in Hackensack have him look in the fairmount section. That area is nice and there a lot of condo’s and single family houses with a wide range of prices. I rent a 1bed 1bath at the moment and its 1118. I have a friend that rents on prospect a 1 bed, den and 2 bath for 1875. Prospect ave will command the most money in rents but he will be paying a lot to get in. Also, Hackensack is rent controlled. That area is shady in the sense of drug activity, have him drive a little further up to central and 1st about three blocks and he’ll see the cops on the corner keeping an eye out.

    Reply
  6. itwillcome

    Hackensack is pretty diverse but there is drug activity a few blocks away on 1st and central. Polify becomes 1st street after you pass the diner on the corner. Prospect will command the highest in rent as it is a nice block in terms of condos and apartments. My friend rents there for 1875. he has a 1 bed, den and 2 bath. He will not get 2500 on polify, maybe 1500 tops. If he wants to buy a condo, have him look in the fairmount section, it nicer and quieter.

    Reply
  7. itwillcome

    and the diner on the corner is 24 hrs too. Also, he will not really know what his taxes and maintenance fees are until the building is fully sold. He may have an idea but that may change. And what about parking for visitors. That’s a pretty busy street without parking.

    Reply
  8. Smarty

    Thanks, itwillcome. My friend decided not to buy the condo.

    Reply

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