Take a Look at the Forest Hill Section of Newark; So Much More for So Much Less

I went to Newark Academy when it was in Newark. As a result, I spent a good deal of time inBranch Brook Park, a bona fide, Essex County treasure noted for many things including the renowned Cherry Blossom Festival and an associated 5k run that, for many, marks the beginning of spring.

Some of my friends back then lived in the Forest Hill section of Newark, which borders on Branch Brook Park, and is only a mile or so from the old Newark Academy site at Orange and First Streets.  This remarkable residential community looks more like Montclair than it does Newark; many of the houses, which were built around the turn of the last century, are drop-dead gorgeous.

I’m going to be listing a couple of Forest Hill properties this spring and, in preparation for that, I ran a comparison between Forest Hill and Montclair based upon the amount that it would cost to live in a similar house in each place. It’s pretty dramatic.

The first thing I did was establish a price relationship between the two locations (actually, they are only a couple of miles apart): A $550,000 home in Forest Hill would cost about $770,000 in Montclair.

Then I assumed that each house would be mortgaged at 80% of its sales price. After rolling in property taxes…nearly $20,000 in Montclair versus $12,000 in Forest Hill…and property insurance, I was able to estimate carrying costs for each house:

Montclair House

Forest Hill House

Difference

Monthly

$4,953

$3,397

($1,556)

Yearly

$59,446

$40,765

($18,681)

So, all things being equal, which they never are, or course, Forest Hill is a fantastic value especially considering that the Forest Hill house cost $220,000 less than the Montclair house. Imagine living close to Branch Brook Park, shopping, restaurants, trains and buses to NYC…and to do so with nearly $20,000 more in your pocket at the end of the year. It’s no wonder that Forest Hill is being rediscovered by a whole new generation of savvy buyers, many of whom are from NYC!

No, Forest Hill is not Montclair. I lived there for 15 years and loved it, but Montclair comes at a price that you might not have to pay. Take a look at Forest Hill. A good place to start is the Forest Hill Community Association. Then, follow this link to see some of the currently available homes in Forest Hill.

Call me at 973-865-1863 if you would like to see one or more of these wonderful values. Thanks.



Categories: All Posts, Forest Hill, Older Homes

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