September 24, 2021
Real Estate

Homes for sale, market hot

Zaib Atyat purchased his first home in Paterson 20 years ago for $250,000. The three-family unit on the city’s south side offered a steady source of rental income and has progressively increased in value. Based on online calculators, Atyat, 47, estimates that his real estate investment is worth about $650,000 now. 

“When I moved here, there was a lot of crime. Cars were stolen at night,” the immigrant from Jordan recalled. He lived near Paterson’s former Alexander Hamilton Public Housing Project, also known as Alabama Project, before buying a home.   

From its past marred by urban blight, Paterson is emerging as a hot spot for real estate investment. Two of the city’s ZIP codes are among the fastest-appreciating areas for real estate sales in North Jersey, according to Zillow data between February 2020 and June 2021. The meteoric rise of Paterson’s two hot ZIP codes — 07501…

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