Mercer/Varick/York – 2017 Real Estate Review

Homes on Mercer, Varick and York Streets rose to record breaking levels in 2017.  This sought-after neighborhood surrounds the beautifully renovated and maintained Van Vorst Park.    Called “one of the most formal of Jersey City’s parks,” it was originally landscaped by local florist and horticulturist Peter Henderson in 1851. Occupying the entire rectangular city block between Montgomery Street, York Street, Jersey Avenue, and Barrow Street, Van Vorst Park is lined with ornate brick and brownstone row houses from the late 1800s that showcase a variety of popular Victorian architectural styles.

There were six homes sold in this target area over the past year, with an average of 32 days on the market.  Table 1 below lists each home that sold, beginning in November of last year, along with the date of sale, price, home classification, address and the current taxes.  Please note that property taxes are expected to rise an average of 67% in the Van Vorst Neighborhood in 2018, according to a preliminary report released by Jersey City.

Price Taxes Class Address Closing Date
$1,250,000 $11,859 2-4 FAMILY 218 YORK ST 1/13/2017
$1,685,000 $17,713 2-4 FAMILY 341 YORK ST 5/24/2017
$1,125,000 $8,471 2-4 FAMILY 216 YORK ST 7/26/2017
$1,535,000 $12,168 2-4 FAMILY 12 MERCER ST 11/15/2016
$1,200,000 $10,843 ONE FAMILY 4 1/2 MERCER ST 10/10/2017
$1,850,000 $14,632 ONE FAMILY 313 VARICK ST 1/17/2017

Table 1. Home sales data of the past year.

The average sale price in the target area was $1,441,000 with a low of $1,125,000 (216 York) and a high of $1,850,000 (313 Varick, pictured).

This report was prepared by Thomas Gibbons, a licensed Realtor® at Warren G Curtin Realty.  If you are interested in selling your home or just learning more about what your home may be worth please feel free to contact us for a free market evaluation or just visit our free home valuation page.