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Monday, October 30, 2006

Paterson's Rough & Changing Real Estate Market


PATERSON / ROUGH AND CHANGING REAL ESTATE MARKET


New York City Real Estate Blog




Housing listed for sale in Paterson runs from one-bedroom co-ops selling for $80,000 on Preakness and Chamberlain Avenues near the Totowa line, to $1 million for some early-20th-century mansions in the Upper East Side section.

Prices for single-family homes start around $150,000 -- if you’re interested in a fixer-upper in the problematic First or Fourth Ward.

Two-family homes start around $200,000, for older buildings in poor condition.




Paterson, NJ - Rough And Changing


Are you ready for adventure and in the process looking to make some money. Consider Paterson, NJ.


Pluses:

  • Developer Interest;
  • Investment : "He sees his city as clawing its way back from a half century of postindustrial blight, with $550 million invested in or committed to Paterson since 1998."
  • Safety is a focus: "Some of that change, however, is contingent on improving safety — which Mayor Torres described in a recent interview as a top priority. This month, he asked the City Council to allocate $3.8 million over the next three years to hire 100 police recruits to supplement the city’s force of 450 officers."
  • Easy Commute; "Paterson is a hub on Route 46 and Interstate 80. It is a mile from the Garden State Parkway, 12 from the George Washington Bridge and 15 from the Lincoln Tunnel."


Minuses:

  • Poverty: "According to the 2000 census, 50.1 percent of the population is Hispanic, 33 percent is foreign born and 22 percent is living below the poverty line."
  • High Crime; "Last week, Paterson’s quarterly published list of arrests for drug and prostitution offenses had 810 names."
  • Poor Schools; "To call the 53-building, 27,000-student school system problematic is an understatement. It has been under state control for more than a decade because of prior mismanagement. Michael E. Glascoe is its third superintendent in two years. Most of its buildings are close to 100 years old and are crumbling and overcrowded."


Pricing:

Housing listed for sale in Paterson runs from one-bedroom co-ops selling for $80,000 on Preakness and Chamberlain Avenues near the Totowa line, to $1 million for some early-20th-century mansions in the Upper East Side section.

Prices for single-family homes start around $150,000 -- if you’re interested in a fixer-upper in the problematic First or Fourth Ward. In the postwar areas, Lakeview and Hillcrest, small Cape Cods, colonials, bilevels and ranches go for $300,000 to $400,000, about double what Ms. Daniel paid for her four-bedroom Hillcrest Cape five years ago.

Last May, Ms. Bohlin paid “slightly more than $600,000” for an 8,000-square-foot Greek Revival mansion, built in 1873 for a judge named Francis Scott. It is on Derrom Street, the most prestigious in the city.

“The neighborhood was mostly built by 1915,” said Michael Lemme, broker/owner of Minmor Realty, which specializes in the Upper East Side. “The base price is about $450,000 for six big bedrooms, a chestnut-paneled interior, stained or leaded glass windows and one or two fireplaces.” Prices have tripled since 2001, Mr. Lemme said.

Two-family homes start around $200,000, for older buildings in poor condition. A new two-family on Fourth Avenue, which is considered a good neighborhood, recently sold for $495,000. As for property taxes, a 5,000-square-foot Park Avenue mansion that recently sold for $700,000 has an annual tax of $9,624.

Many buyers of small multifamily houses are seeking rental income, said John G. Susani, broker/owner of Coldwell Banker Susani Realty on Union Avenue. Rentals range from $800 for a two-bedroom in the First Ward to $1,200 for a two-bedroom in a better neighborhood.

New York Times Article: "Living In Paterson, N.J.


Other Sources:

http://www.patcity.com/ - Official Website

http://www.patersonhistory.com/ - History of Paterson

http://www.city-data.com/city/Paterson-New-Jersey.html - Detailed Profile

http://en.wikipedia.org/wiki/Paterson,_New_Jersey - Wikipedia

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