A Short History of Newark
Newark became an industrial center in the 1800’s as the largest manufacturer of leather. With the turn of the century, Newark continued to grow in prominence due to a robust train system, investment in it’s port and with the development of Newark airport in the 1920’s. Newark was made the first port in the United States for container shipping and remains one of the busiest ports in the world. Along with industrialization, Newark became a center for insurance and law. Prudential started in Newark in 1873. It remains one of the city’s largest corporate residents and benefactors. Newark is the second oldest US District Court and has long been a center for law firms.
Following WWII, many of Newark’s white middle class left the city to make a life in New Jersey’s suburbs. While Newark’s white population was cut in half in the 1950’s and 60’s, it’s population of African Americans nearly tripled. This led to widespread racial tension that erupted in the 1967 Newark riots. The riots left 26 people dead and hundreds injured. Sadly, economic conditions were also changing with the closing of factories and a significant loss of jobs. Newark became a symbol of urban decay in America. Real estate prices dropped, crime rose and few people wanted to move into the city.
Rebirth of a City
Fifty years after the Newark riots the city is beginning to come back in a strong way. In 2016, the city saw the lowest crime rates since 1967. Federal oversight of the police department began with a consent decree in 2014 that has made great improvements to policing and safety. Current Mayor Ras Barak has touted the improvements stating that the Newark’s negative narrative is changing. The story of Newark is improving. A quick review of media reports on Newark confirm that the story is indeed improving. Newark was even featured as a destination in Vogue magazine in 2017. Other reports from the New York Times, the Wall Street Journal and the New York post point to the financial investment made by real estate developers in Newark. There have been more stories recently about art galleries, sports and music which have helped to build Newark’s attractive reputation. Recently, Newark has even made the short list of Amazon’s second headquarters which would be an incredible opportunity for not only the city but the entire region.
Real Estate Values on the Rise
Values have started to climb in certain sections of Newark over the past three years. A study by Property Shark, a real estate data firm, released in December showed that the median sales price of homes in five neighborhoods have risen by an average of $70,000 since 2012. In the Lower Roseville neighborhood, the median sales price climbed from $90,000 in 2002 to $165,100. The other neighborhoods highlighted in the Property Shark report were North Ironbound, Mount Pleasant, Upper Roseville and South Ironbound.
Joseph James Real Estate is a Leader in Newark Real Estate
Getting involved in the Newark real estate market can bring a lot of success in the coming years. But, let’s face it. We’re talking about Newark and we’re talking about New Jersey. You can’t just jump in and think you will be successful. You need to know the city and it’s neighborhoods. You need to have an appreciation and understanding of the city’s rich ethnic heritage and the neighborhoods that swell with ethnic pride. If you want to be successful in Newark real estate, you need to consider joining a team that has been working with real estate in the city for years. Joseph James Real Estate is that team. Let us help you achieve your success.