OT: Expanding my NJ real estate business and curious on location opinions

[RUskoolie]

I own a vertically integrated real estate brokerage in Middlesex County and I am planning in 2023 or likely 2024 to expand into Hoboken/Jersey City area or maybe an area down the shore like Asbury Park or Spring Lake. Currently we do rentals, sales and construction.

We currently manage a TON of rental property for various people, do in-house construction only for our clients (anything from bathrooms to new construction) and then help people buy/sell homes.

Just curious what people think who live in those markets with respect to rental markets, home pricing in those areas...basically if you feel there is a need in those areas.

I am also considering areas like Ocean City NJ, Bernardsville/Basking Ridge but I think JC/Hoboken or Asbury area is likely next.

 

[newell138]

I own a vertically integrated real estate brokerage in Middlesex County and I am planning in 2023 or likely 2024 to expand into Hoboken/Jersey City area or maybe an area down the shore like Asbury Park or Spring Lake. Currently we do rentals, sales and construction.

We currently manage a TON of rental property for various people, do in-house construction only for our clients (anything from bathrooms to new construction) and then help people buy/sell homes.

Just curious what people think who live in those markets with respect to rental markets, home pricing in those areas...basically if you feel there is a need in those areas.

I am also considering areas like Ocean City NJ, Bernardsville/Basking Ridge but I think JC/Hoboken or Asbury area is likely next.

OCNJ is flooded with realtors and developers most who have been here for generations. Probably a tough area to crack. Look at Brigantine or AC

 

[dollarbill]

Hold your market share in your current areas. Tough sledding ahead. Good luck. $$$$

 

[cicero grimes]

I own a vertically integrated real estate brokerage in Middlesex County and I am planning in 2023 or likely 2024 to expand into Hoboken/Jersey City area or maybe an area down the shore like Asbury Park or Spring Lake. Currently we do rentals, sales and construction.

We currently manage a TON of rental property for various people, do in-house construction only for our clients (anything from bathrooms to new construction) and then help people buy/sell homes.

Just curious what people think who live in those markets with respect to rental markets, home pricing in those areas...basically if you feel there is a need in those areas.

I am also considering areas like Ocean City NJ, Bernardsville/Basking Ridge but I think JC/Hoboken or Asbury area is likely next.

I have practiced real estate law in both the Jersey City area and the Asbury Park area. The time to have invested in these areas was 15 years ago. The area I would focus my attention on now is Keansburg, which the city politicians are trying to turn into the next Asbury Park. My practice is here at the shore now and the Asbury pols in power presently are actually anti developer. Good luck with the expansion and let us know where you finally decide to open.

 

[Knight Shift]

I have practiced real estate law in both the Jersey City area and the Asbury Park area. The time to have invested in these areas was 15 years ago. The area I would focus my attention on now is Keansburg, which the city politicians are trying to turn into the next Asbury Park. My practice is here at the shore now and the Asbury pols in power presently are actually anti developer. Good luck with the expansion and let us know where you finally decide to open.

Will Keansburg actual turn it around though? Different dynamic than Asbury and Long Branch, were the RR tracks form a dividing line between the good and bad areas. That's not totally accurate in Long Branch.

Keansburg seems like a big sprawling mess. Where are all the poor and section 8 people going to get pushed to?

Spring Lake seems saturated with realtors.

 

[Zak57]

I own a vertically integrated real estate brokerage in Middlesex County and I am planning in 2023 or likely 2024 to expand into Hoboken/Jersey City area or maybe an area down the shore like Asbury Park or Spring Lake. Currently we do rentals, sales and construction.

We currently manage a TON of rental property for various people, do in-house construction only for our clients (anything from bathrooms to new construction) and then help people buy/sell homes.

Just curious what people think who live in those markets with respect to rental markets, home pricing in those areas...basically if you feel there is a need in those areas.

I am also considering areas like Ocean City NJ, Bernardsville/Basking Ridge but I think JC/Hoboken or Asbury area is likely next.

Those are huge markets to crack you'd be late to the party. Better off starting somewhere else where you could help from the beginning.

 

[RUskoolie]

OCNJ is flooded with realtors and developers most who have been here for generations. Probably a tough area to crack. Look at Brigantine or AC

I know your daughter is down there only because you post about her a lot. Every year I go down there I see new brokerages open. I could 100% disrupt the market down there if I choose to go that route but it would be a big lift for me. Not in the cards short term but I love that beach town.

I have practiced real estate law in both the Jersey City area and the Asbury Park area. The time to have invested in these areas was 15 years ago. The area I would focus my attention on now is Keansburg, which the city politicians are trying to turn into the next Asbury Park. My practice is here at the shore now and the Asbury pols in power presently are actually anti developer. Good luck with the expansion and let us know where you finally decide to open.

I have been asked to do property management in those areas too. For a few years various people have asked me about managing rentals in Monmouth County. Same with JC and Hoboken. Lots of realtors yes but the PM companies their largely suck from what I understand.

Those are huge markets to crack you'd be late to the party. Better off starting somewhere else where you could help from the beginning.

Every market has massive competition.

 

[GoodOl'Rutgers]

I'd see if I could figure out what new rail lines there might be.... like the old ARC Tunnel thing had some news in early July.. I suppose all the olitically connected developers are all over anything like this.. but you never know. Good luck.

 

[newell138]

I know your daughter is down there only because you post about her a lot. Every year I go down there I see new brokerages open. I could 100% disrupt the market down there if I choose to go that route but it would be a big lift for me. Not in the cards short term but I love that beach town.

I have been asked to do property management in those areas too. For a few years various people have asked me about managing rentals in Monmouth County. Same with JC and Hoboken. Lots of realtors yes but the PM companies their largely suck from what I understand.

Every market has massive competition.

Ventnor is a town IMO that has a lot of potential. Some really nice areas and beautiful beaches but also some very run down and outdated neighborhoods

I think my daughter was lucky with the broker she hooked up with. Been here a long time as was his family but a really honest guy. She also lucked out in connecting with a builder/developer who got screwed over by the realtor he had been working with for years. Just so happened my daughter was the buying agent on one of his deals when he found out he was getting cheated and he liked her so he started using her as his agent and now she’s also investing on his deals.

 

[RUskoolie]

Ventnor is a town IMO that has a lot of potential. Some really nice areas and beautiful beaches but also some very run down and outdated neighborhoods

I think my daughter was lucky with the broker she hooked up with. Been here a long time as was his family but a really honest guy. She also lucked out in connecting with a builder/developer who got screwed over by the realtor he had been working with for years. Just so happened my daughter was the buying agent on one of his deals when he found out he was getting cheated and he liked her so he started using her as his agent and now she’s also investing on his deals.

How does the investment work out of curiosity? I only ask because I get a lot of people asking to invest with us but we don't do anything like that currently.

 

[ru66]

Those opportunities have long passed-- try some slum areas. Lol

 

[RUBOB72]

Will Keansburg actual turn it around though? Different dynamic than Asbury and Long Branch, were the RR tracks form a dividing line between the good and bad areas. That's not totally accurate in Long Branch.

Keansburg seems like a big sprawling mess. Where are all the poor and section 8 people going to get pushed to?

Spring Lake seems saturated with realtors.

There in lies the problem .Asbury Park has long history going from great to not so great to very good.There is also a thing called an ocean. Keansburg NJ on the other hand has different history for the past 40-50 -60 years …amusement park … a city where there are some questions but most importantly it is on a BAY . REI ‘s will put up anything they can as long as they can charge rents of 2500-3500 or more . Affordable living until those 1- 2 and 3 bedroom dwellings begin to have 2-3 or more families living in them. It is a regurgitated system similar to the post WW2 era when the Projects came into being. Great money makers for the builders and and the people who live in ( as an example) Mendham / Basking Ridge or in other regular residential areas. Not a 4k + apartment that the young go getters claim to love … so more power to them. In 25-30 years if all is still here that too will change. No offense to Keansburg residents but just do Union Beach -Leonardo which is a short jump to Sandy Hook. The more things change the more things remain the same just more shiny and new.

 

[tom1944]

How is Keyport

 

[e5fdny]

How is Keyport

Much better from what I remember as a kid who grew up in Middletown.

 

[tom1944]

Much better from what I remember as a kid who grew up in Middletown.

I will have to take a ride there

Are they taking advantage of their waterfront

 

[JayDogSmooth]

I will have to take a ride there

Are they taking advantage of their waterfront

Keyport is coming along
New restaurants on the water
Some newer upscale condos
Still has the old town feel - but Main Street coukd use some revitalization

 

[R1766U]

I will have to take a ride there

Are they taking advantage of their waterfront

Yes, there are a few big time investors buying up property left and right. A handful of really good reastaurants like Drews, Keyport Fishery , Old Glory and Broad Street Diner. I think Keyport and Keansburg Bayshore area is a smart choice for future investments.

 

[RUBOB72]

How is Keyport

Just there yesterday went to the Keyport Fishery… crowded but the seafood was a bit under par. Over fried clams, shrimp soggy coating/, mushy. texture . For me and I have gone down to that area probably before you were born , Keyport even though next door to Keansburg was a place to eat. Ye Cottage Inn was a very nice restaurant. Plenty of places to chow down. Still
It is on a Bay and that is nice for some. It is like those who love “ living on the lake”. Never felt the love for lake living . I have a niece and nephew who recently bought condo / townhouses in Jersey City and Hoboken . They spent 600-700k both single and are grads of Cal Berkeley . Both worked pre pandemic in San Francisco one for google the other for another tech . They both make over 200-300k in their mid 20’s . They complained about the high rental costs there in San Fran so they moved back to the East Coast .Here in NJ I wouldn’t suggest living in the area known as The Jersey Bay . Restaurants and view for several hours but even that grows old. Back in the 50-60’s my grandparents owned 6 lots and bungalows in Bayhead . Granny after my grandfather passing sold those properties for around 1k each. Now that was a very big mistake. The were on the Bay Side…lol. Oh well.Sorry not a fan of living in the Keyport or Keansburg

 

[e5fdny]

Yes, there are a few big time investors buying up property left and right. A handful of really good reastaurants like Drews, Keyport Fishery , Old Glory and Broad Street Diner. I think Keyport and Keansburg Bayshore area is a smart choice for future investments.

And better than the surrounding, adjacent ones mentioned earlier in the thread.

They might have a chance after the two above run out of room.

 

[RUBOB72]

I will have to take a ride there

Are they taking advantage of their waterfront

You can see across to Manhattan… eat at Burlews, Drew’s and others. The Diner was always good. . Safe place but not a great amount of entertainment except the fairs. Nice place for a few hours. Maybe in 30 years I’ll think differently since I’ll be what 102?

 

[tom1944]

You can see across to Manhattan… eat at Burlews, Drew’s and others. The Diner was always good. . Safe place but not a great amount of entertainment except the fairs. Nice place for a few hours. Maybe in 30 years I’ll think differently since I’ll be what 102?

I will only be 94 so it gives me plenty of time

 

[newell138]

How does the investment work out of curiosity? I only ask because I get a lot of people asking to invest with us but we don't do anything like that currently.

Not sure other than she gives him cash to finance part of the deal and he gives her a % of the profit

 

[Knight Shift]

Ventnor is a town IMO that has a lot of potential. Some really nice areas and beautiful beaches but also some very run down and outdated neighborhoods

I think my daughter was lucky with the broker she hooked up with. Been here a long time as was his family but a really honest guy. She also lucked out in connecting with a builder/developer who got screwed over by the realtor he had been working with for years. Just so happened my daughter was the buying agent on one of his deals when he found out he was getting cheated and he liked her so he started using her as his agent and now she’s also investing on his deals.

How's Margate?

 

[rubaseball78]

Do you have anyone who might have an interest in a project in Myrtle Beach?

 

[RU848789]

Just there yesterday went to the Keyport Fishery… crowded but the seafood was a bit under par. Over fried clams, shrimp soggy coating/, mushy. texture . For me and I have gone down to that area probably before you were born , Keyport even though next door to Keansburg was a place to eat. Ye Cottage Inn was a very nice restaurant. Plenty of places to chow down. Still
It is on a Bay and that is nice for some. It is like those who love “ living on the lake”. Never felt the love for lake living . I have a niece and nephew who recently bought condo / townhouses in Jersey City and Hoboken . They spent 600-700k both single and are grads of Cal Berkeley . Both worked pre pandemic in San Francisco one for google the other for another tech . They both make over 200-300k in their mid 20’s . They complained about the high rental costs there in San Fran so they moved back to the East Coast .Here in NJ I wouldn’t suggest living in the area known as The Jersey Bay . Restaurants and view for several hours but even that grows old. Back in the 50-60’s my grandparents owned 6 lots and bungalows in Bayhead . Granny after my grandfather passing sold those properties for around 1k each. Now that was a very big mistake. The were on the Bay Side…lol. Oh well.Sorry not a fan of living in the Keyport or Keansburg

Must have been an off day as Keyport Fishery is our favorite place to get fried seafood anywhere - the batter is very light but incredibly flavorful. I stop by at least every few weeks and bring home their amazing lobster sandwiches or their fried shrimp/scallops and their fries are amazing too. Great raw seafood too for cooking up at home.

Really like Keyport in general. Drew's Bayshore Bistro is fantastic and they've done a nice job with the waterfront and there are a few good old school pubs in town too.

 

[jtung230]

the markets you mentioned are very established and saturated. Its great if you are a disrupter, meaning you do thing differently. But selling something that’s already been sold doesn’t make sense.

 

[newell138]

How's Margate?

Margate is a great town, not so sure there is any area left though to develop other than a few homes here and there.

 

[RUBOB72]

Must have been an off day as Keyport Fishery is our favorite place to get fried seafood anywhere - the batter is very light but incredibly flavorful. I stop by at least every few weeks and bring home their amazing lobster sandwiches or their fried shrimp/scallops and their fries are amazing too. Great raw seafood too for cooking up at home.

Really like Keyport in general. Drew's Bayshore Bistro is fantastic and they've done a nice job with the waterfront and there are a few good old school pubs in town too.

Yes we were really quite disappointed. It was a normal busy Saturday 4:30 ish. We didn’t even finish the platter of Shrimp . We both don’t eat a great amount of fried foods any longer it lays too heavily in my svelte gut ha ha. My guess is the oil was old or not hot enough and it depends on who is the fry chef. Same crew since the original family sold the business some years back. Now that was when it really was great. Watching the old lady take orders as the son and crew made trip after trip into the walk in freezer for trays of seafood. Still the same system but we just were disappointed in the product we bought . The Wilson’s owned it back in the day.

 

[RU848789]

Yes we were really quite disappointed. It was a normal busy Saturday 4:30 ish. We didn’t even finish the platter of Shrimp . We both don’t eat a great amount of fried foods any longer it lays too heavily in my svelte gut ha ha. My guess is the oil was old or not hot enough and it depends on who is the fry chef. Same crew since the original family sold the business some years back. Now that was when it really was great. Watching the old lady take orders as the son and crew made trip after trip into the walk in freezer for trays of seafood. Still the same system but we just were disappointed in the product we bought . The Wilson’s owned it back in the day.

That's too bad - I've been going there for at least 20 years and didn't notice any turnover (same gruff but nice workers, lol) and not once has the fried seafood been anything less than superb. I've gotten lucky, I guess.

 

[tom1944]

Everyone can have a bad day. That is why I usually give restaurants a second chance if I was not a 100% happy the first time.

 

[RUBOB72]

That's too bad - I've been going there for at least 20 years and didn't notice any turnover (same gruff but nice workers, lol) and not once has the fried seafood been anything less than superb. I've gotten lucky, I guess.

Funny also how the Wilson’s were gruff to an extent but people loved the fried seafood so much I think they just said screw it . Remember the hurricane which destroyed the Ye Cottage Inn and the KP fishery now many years ago? The Wilson’s sold it to the current guy and family from Middletown. The front counter people are always miserable it seems. Must be the oil in the fryers? Numbers it was the very first time in over 40 years we noticed something off. My wife says the fry chef is the most important. The French Fries were their usual old school best.I see they have a truck now also … they should get it to a Rutgers football / basketball game.I remember my first grease truck adventure . Wife and I miss those times.

 

[RUBOB72]

When we get back from WDW I’ll give it another shot in September… on a quiet afternoon.

 

[RUskoolie]

the markets you mentioned are very established and saturated. Its great if you are a disrupter, meaning you do thing differently. But selling something that’s already been sold doesn’t make sense.

That’s exactly what we are

 

[NotInRHouse]

There are still places in JC that have not seen much or any gentrification.

They are expanding the light rail across 440 to the Bayfront and that will be a big complex that I expect to create a boom around it.

There are also the other Hudson towns outside of JC/Hoboken that have the light rail and other transportation.

And there's still plenty of areas west of the tracks in Asbury and LB among others. Keansburg could be good for real (and I mean real) ground floor stuff, it's one of the few, maybe the only town in Monmouth left that will elicit a 100% negative reaction for people at this point.

 

[e5fdny]

There are still places in JC that have not seen much or any gentrification.

They are expanding the light rail across 440 to the Bayfront and that will be a big complex that I expect to create a boom around it.

There are also the other Hudson towns outside of JC/Hoboken that have the light rail and other transportation.

And there's still plenty of areas west of the tracks in Asbury and LB among others. Keansburg could be good for real (and I mean real) ground floor stuff, it's one of the few, maybe the only town in Monmouth left that will elicit a 100% negative reaction for people at this point.

It’s not the only one.

And agree Keansburg has a chance.

 

[Bamm Bamm Rubble]

Camden/Philly Waterfront

 

[JayDogSmooth]

Staten island waterfront looking at Brooklyn
Perth amboy
Union beach

 

[RUskoolie]

Staten island waterfront looking at Brooklyn
Perth amboy
Union beach

Perth Amboy I have given thought to, we already do some business there. Under rated city.

 

[mikebal9]

Look for towns along the rail lines that are trying to improve. One that comes to mind is Bound Brook. They are building apartments at breakneck speed right now, trying to be the next Somerville.

 

[RU848789]

There are still places in JC that have not seen much or any gentrification.

They are expanding the light rail across 440 to the Bayfront and that will be a big complex that I expect to create a boom around it.

There are also the other Hudson towns outside of JC/Hoboken that have the light rail and other transportation.

And there's still plenty of areas west of the tracks in Asbury and LB among others. Keansburg could be good for real (and I mean real) ground floor stuff, it's one of the few, maybe the only town in Monmouth left that will elicit a 100% negative reaction for people at this point.

We used to go to Keansburg water park at least once a summer from the time our son was about 5 until he was 13-14, so it's not all bad...