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360-5 5th St #1
Score
0
Jersey City, NJ

360-5 5th St #1

1.9M
4 bd • 3 ba • 2,350 sf

This analysis was generated on 2/20/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

AI Property Analysis

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List Price

$1,850,000

Price/Sq.Ft

$787

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Prime Downtown Jersey City Location: Situated in the Village neighborhood, the property offers excellent access to dining, shopping, and transportation, including the Grove St. PATH station, providing convenient access to NYC. The proximity to the pedestrian plaza and local hotspots like Prato Bakery and Jane Doe adds to the appeal. • Spacious Layout: With 4 bedrooms and 3 full baths spread over 2,350 square feet, the condo offers ample living space for families or those who enjoy having extra room for guests or home offices. The presence of a bedroom on the main level adds to the flexibility of the layout. • Private Backyard: The ~700 sq ft private backyard is a rare and valuable amenity in a downtown condo. The inclusion of water, gas, electric, landscape lighting, BBQ grill, and beverage refrigeration makes it an ideal space for outdoor entertaining and relaxation. • High-End Finishes: The condo boasts luxurious finishes throughout, including a chef's kitchen with Scavolini cabinetry and Thermador appliances, spa-like bathrooms by Porcelanosa, wide plank hardwood flooring, and large format Andersen windows. These high-end features add to the property's appeal and value. • Modern Amenities: The property includes modern amenities such as a tankless hot water system, a building-wide fire suppression system, and a climate-controlled lower level with a separate entrance. These features provide convenience, comfort, and peace of mind.

The Bad

• High Price per Square Foot: At $787.23 per square foot, this condo is priced higher than the Jersey City average. Buyers should compare this price to other similar condos in the area to determine if it is justified by the property's features and location. The unknown year built further complicates this valuation. • Unknown Year Built: The fact that the year the property was built is unknown is a significant drawback. This makes it difficult to assess the property's condition, potential maintenance needs, and compliance with current building codes. It also raises questions about potential renovations or upgrades that may be required. • High Estimated Insurance Cost: The estimated insurance cost of $6,660 per year is very high. This could be due to the property's location in an urban area, potential flood risk, or other factors. Buyers should investigate the reasons for the high insurance costs and factor them into their budget. • School Rating Discrepancy: There is a significant difference in ratings between the elementary/middle school (8/10) and the high school (2/10). This could be a concern for families with older children. • Lack of Specific HOA Details: The listing only mentions that the HOA includes water, but it does not provide details on the monthly fee amount or other services covered. This lack of transparency makes it difficult for buyers to assess the true cost of ownership.

The Ugly

• High Property Taxes: New Jersey has notoriously high property taxes, and Jersey City is no exception. The lack of information on the exact property tax amount is concerning. Buyers should obtain this information and factor it into their budget. High property taxes can significantly impact the overall cost of ownership. • Potential for Bidding Wars: Jersey City is a competitive real estate market, and this property's desirable location and features could attract multiple offers. Buyers should be prepared for a potential bidding war and be willing to offer over the asking price. • Risk of Construction Delays or Quality Issues: Given Jersey City's rapid development, there is always a risk of construction delays or quality issues, particularly in newer buildings. Buyers should research the developer's reputation and carefully review the offering plan for any potential red flags. • Flood Risk: Parts of Jersey City are in flood zones. Buyers should research the property's specific flood risk and consider purchasing flood insurance, even if it is not mandatory. • Noise and Congestion: Downtown Jersey City is a vibrant and busy area. Buyers should be prepared for city noise, traffic congestion, and limited parking options.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Buyers prioritizing outdoor living: The ~700 sq ft private backyard with water, gas, and electric hookups is ideal for those who value outdoor entertaining and recreation. The yard's features justify the higher price per square foot compared to other condos without such amenities. • Buyers seeking modern, high-end finishes: The chef's kitchen with Thermador appliances, Scavolini cabinetry, and Porcelanosa bathrooms appeals to those who appreciate luxury design and are willing to pay a premium for it. The inclusion of a Japanese bidet in the primary bathroom is an unusual, high-end feature. • Buyers who want proximity to amenities: Located in Downtown Jersey City's Village neighborhood, the property offers immediate access to dining, shopping, and transportation (Grove St. PATH station). The proximity to the Brunswick and PS 5/Conte schools is attractive to families who prioritize school access. • Buyers needing flexible living space: The presence of a bedroom on the main level offers flexibility for guests, extended family, or an au pair. The climate-controlled lower level with a separate entrance adds additional usable space that can be customized. • Commuters to NYC: The proximity to Grove Street PATH station makes this an ideal location for those working in NYC.

Not For

• Buyers on a tight budget: With a price of $1,850,000 and estimated annual insurance costs of $6,660, this property is geared towards high-end buyers. Property taxes in Jersey City are also high, adding to the overall cost of ownership. Buyers should carefully assess their financial situation before considering this property. • Families requiring top-rated high schools: While the elementary/middle school (Dr. Michael Conti School) has a good rating, the high school (James J. Ferris High School) has a low rating. Families with older children may find this property unsuitable unless they are willing to consider private schools or other alternatives. • Buyers seeking low-maintenance living: While the condo itself may be relatively low-maintenance, the private backyard requires upkeep. Buyers who prefer a completely maintenance-free lifestyle may not appreciate this feature. • Buyers prioritizing certainty regarding property taxes: Given that the year built is unknown, there may be some uncertainty regarding property taxes and potential abatements. Buyers who prefer greater predictability in this area may want to consider newer construction with established tax structures. • Buyers sensitive to noise: Being located in a vibrant downtown area means exposure to city noise. If you are noise-sensitive, this may not be the best location.
Demographics
Area Median Income

$150,254

Property History

Price History
Ownership Timeline
$800,000Cash Purchase
Nov 18, 2019
Conceita Alfieri, Dino Alfieri360 5th St Llc
Deed
Standard Sale (Purchase/Resales)
$800,000Cash Purchase
Nov 18, 2019
Concetta Alfieri, Dino Alfieri360 S 5th Llc
Deed
Standard Sale (Purchase/Resales)

Sunlight Analysis

Visualize how sunlight affects this property throughout the day and year.

Sunlight Analysis

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Schools

Nearby school quality by education level

Elementary

5.0/10
Average

Middle

4.7/10
Average

High

4.0/10
Average

Financials

Monthly Costs
Market Rent (4 bed)

$2,650

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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$1,850,000
Price/sqft
$787
Layout
4 bd•3 ba
Days on market
2 daysat time of analysis

Stats in the Area

Based on 4 comparable properties nearby

Average Price

$79,000

2241.8%

Your price is 2241.8% above average

Median Price

$11,500

15987.0%

Based on 4 recent sales

Price per Sq.Ft

$108

628.9%

Your price is 628.9% above average $/sqft

Comparable Properties

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$/Sq.Ft:
$10886.3%
Sale Date: 10/15/2024
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Price: $10,000
Sq.Ft: N/A
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$/Sq.Ft: N/A
Sale Date: 11/2/2024
3447 N 15TH ST, PHILADELPHIA, PA 19140
Price: $11,000
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 10/28/2024
3843 N 13TH ST, PHILADELPHIA, PA 19140
Price: $11,500
Sq.Ft: N/A
Beds/Baths: N/A/N/A
$/Sq.Ft: N/A
Sale Date: 8/29/2024

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