Looking for a starter home in Essex County? While prices escalated over the last several years, in 2007 they began to flatten or decline. It is still possible to find a very nice starter home under $450,000 in some Essex County towns.
As always, location plays a huge role in home pricing. Lower-priced homes may be farther from NYC transportation, located on busier streets, and in up-and-coming neighborhoods with less impressive school performance. As the housing market cools further in 2008, buyers should discover better value again in the starter category.
Here are some local towns worth checking out:
Belleville - Home to many starter colonials, capes, and multi-family properties priced between $325,000 and $450,000. (Bus service to NYC or Newark.) While Belleville's Schools are not on the level of some of the other towns I discuss, the town's proximity to the City is a distinct plus. Exxex Park, a large, attractive Centex-built, condo development is in final stages of construction on busy Franklin Ave., near Belleville's main business district.
Bloomfield - This town is, undoubtedly Essex County, NJ's best kept secret. Large and surprisingly engaging, located just East of Montclair, Bloomfield has a huge inventory of smaller colonials and capes in the Broughton, Watsessing, Franklin and St. Val's sections. (Bus service to NYC from these areas.) Larger Victorians and multi-family homes in the downtown historic section adjacent to Bloomfield College and the Watsessing Park area, walking distance from New York direct trains, are also value-priced, starting in the high $300,000s. Over the past few years, Bloomfield prices have escalated, however, with the large inventory of multi-family homes showing suprising strength due to NYC proximity. Bloomfield's most desirable Oakview and Brookdale neighborhoods are now quite expensive, with the average home listing for more than $400,000 and often selling over $500,000 -- but with some small starters available in the $375,000 range. These areas also have among the highest-performing primary schools in the county. Bloomfield High School, recently expanded, still struggles for excellence. But the rise in home prices, changes in the district should not be far behind. The township is rethinking previously announced, unpopular plans for a renovation of its downtown area surrounding the NYC-Direct train station, which should further its future in the next several years. Several new condos in the works in Bloomfield -- including the Walnut Street Condos -- another sign of the town's upward rise in fortunes.
Cedar Grove - This tiny, leafy town with well-regarded schools (ranked a promising 55th overall in the state in 2006) and the lowest taxes in the county, located just West of Montclair, has a small inventory of smaller colonials, splits and capes priced under $500,000. (Bus service to NYC.)
The Caldwells - While North Caldwell is known for its higher prices and bigger homes, both Caldwell and West Caldwell have very sweet, older homes as well as split levels, starting around $475,000. Caldwell's town center is one of the most charming and lively and superb mall shopping is 5 minutes away. North Caldwell, tucked way and private, is of special interest to those who yearn for big yards and square footage. Many of the homes, built after 1060, are very large! The Caldwells have bus service to NYC and many shopping possibilities along Bloomfield Ave. Caldwell, NJ is home to Caldwell College and Mt. Saint Dominic's Academy, a private Catholic school for girls. James Caldwell HS serving W. Caldwell was ranked 43rd in the state in 2006 while West Essex Regional, serving N. Caldwell, ranked 34th.
Glen Ridge -- Housing inventory at any given time is slight in this small, exceedingly charming town, but occasional listings priced between $400,000 and $500,000 do emerge, usually in the South end of the town. You can walk to either the Glen Ridge or Bloomfield center train stations for your NYC Direct commute or take one of the town's jitneys to the train. Bus transportation is also available, both the Newark and NYC. In the New Jersey Monthly rankings, little Glen Ridge is ranked 10th in 2006 out of all NJ districts. Wow!
Livingston -- More surburban in feel that the classic "village" towns like Montclair, Maplewood, South Orange and Millburn, Livingston also has a larger inventory of so-called Mid-Century Modern and Contemporary homes, some on very large land parcels -- and one of the top school districts in the county (ranked 14th in the state for 2006). S. Livingston Ave. is a thriving town center, with the arrival of a huge new condo million-dollar-a-unit development, The Carillon, along with a cluster of upscale shops and new single-family homes, the town can be said to be among Essex County's priciest. This development, on the corner of S. Livingston and Mt. Pleasant Aves., brings a new town feel to Livingston. The town is also home to the Livingston Mall and two excellent private schools -- Newark Academy, with its impressive International Baccalaureate Program; and the Joseph Kushner Academy, a Jewish dayschool. Some small ranches, bungalows and capes are still available in Livingston for under $500,000. Residents often drive to neighboring West Orange's Park & Ride bus service to the City or drive to nearby Harrison, NJ to catch PATH trains that run every 5 min., 24 hours a day in and out of NYC.
Maplewood - A popular destination, with an appealing village feel, Maplewood was recently cited by New York Magazine as a great place to live. It has New York Direct train service and a charming town center. Starter homes, mostly small colonials, begin around $425,000 in the Hilton, Boyden and Clinton neighborhoods. Maplewood has always been called "the little Montclair," but as the housing boom persisted, this attractive town became "hot" in its own right, for starter homes, especially the Tuscan Section, with its excellent primary school and nearness to Maplewood Village. Columbia HS, serving Maplewood and sister-town S. Orange, ranks 79th statewide in 2006, according to New Jersey Monthly magazine.
Millburn/Short Hills -- With superior schools (ranked 3rd in 2006), elegant neighborhoods, a nationally known theater, and twin business districts, Millburn/Short Hills is one of Essex County's jewels -- with home prices that reflect that. With many homes selling for well over $1M, this is a special destination. Downton Millburn's quaint shops and Short Hills winding country roads make are quite special, to be sure. There are very few homes under a half-million left in this town. Train stations in Millburn and Short Hills for NYC Direct commuters.
Montclair - While home prices have skyrocked in this beautiful and sophisticated regional hub, a finite number of smaller homes in both the North and South ends of town do reach the market for buyers under $500,000 -- and they sell fast. The town's Freedom of Choice/magnet school program means that no matter where you live, your children have the opportunity to attend (one of) the schools of their choice. The diverse district ranks 90th statewide in 2006. With median home prices now approaching $700,000, Montclair is no longer within the reach of many of the artists and writers whose presence has always brought the town a special aura, but residents hope to preserve the town's uniqueness despite the rising tide of its wealth. Montclair State University, the second largest state institution for higher learning is on the rise as an intellectual center for the county. The opening of the Kassar Theater on campus is but one part of the university's recent growth. Montclair also has several private schools -- Montclair Cooperative, Montclair-Kimberly on 3 campuses, and the Deron School.
Nutley - Inventory throughout this picturesque town with many quaint shops and a well-regarded school system, includes some smaller capes and colonials from $450,000. (Bus service to NYC only or catch the train at neighboring Clifton's Delawanna Station on the Bergen Line.) But many homes are still sold privately or passed down to family members, reducing the inventory available on the MLS.
Orange - In scenic Seven Oaks section, located adjacent to South Orange's beautiful Montrose historic section, are many value-priced, larger, older homes, some requiring renovation, priced from around $425,000. It's a short walk to Orange's Highland station or to South Orange's Mountain Station for the PATH to NYC. The Township of Orange is now planning an "arts district" which will incorporate some abandoned local factories near the Highland train station in a plan to attract artists to the town.
South Orange -- Maplewood's sister city and one with higher home prices, this elegant small town is in the midst of its own downtown renovation. A regional arts center/cinema complex, along with a much-needed parking facility, are now open. A cluster of condos and upscale rentals have brought energy to the expanding downtown, which has an impressive train station with direct access to NYC, a Starbucks, and a growing cadre of restaurants. Cameron Field, a lovely mid-town park with adjacent lake and community center, is just north of town-center. South Orange has several gorgeous neighborhoods with homes starting at around $500,000, including Wyoming, Newstead (on the mountain), and the beautiful Montrose Section, with vintage homes and mansions. Maplewood and South Orange share a school district, ranked 79th statewide in 2006.
Verona - Located just West of Montclair, this pretty town with a appealing community center, well-regarded schools (ranked 47th for 2006) and a thriving town center along bustling Bloomfield Ave., has smaller colonials, capes and splits starting at $450,000, but the town in small and the inventory very tight. (Bus service only to NYC.)
West Orange - If you are a first-time buyer on a budget, West Orange will be one of your first stops! In this sprawling community of 40,000 located between Montclair and South Orange, best bets under $450,000 can be found in the Upper/Lower Lourdes, Mt. Pleasant and Pleasantdale sections. Town jitney service from the Gregory and St. Cloud neighborhood operate during commuting hours to South Orange and Orange NYC direct trains. (Express bus service from other neighborhoods to Manhattan is also available.) The town also has a very large inventory of high-end homes and has seen more new construction than any other Essex County town in the last decade. The Gregory Section is especially popular with New Yorkers looking for vintage homes and good commuting options. West Orange is home to two fine private schools -- Seton Hall Prep; and Solomon Schechter, which has both its primary and high school campuses in the town. The public schools in W. Orange cracked the Top 100 in the NJ Monthly poll, ranking 98th.
Forest Hill, Newark -- The historic North Newark neighborhood, located near the Bloomfield and Belleville borders and about 10 minutes from Montclair and Glen Ridge, offers some of the best remaining value-priced homes in Essex County. For under $500,000, you'll find great, big, elegant five and six bedroom brick homes, although those with significant updates are now selling higher. Forest Hills is located adjacent to Branch Brook Park and the subway to Newark's Penn Station, which is less than 10 minutes away. From there, jump on New York Direct trains to the City.
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