by Dorothy Philbin | CNBNews Contributor
GLOUCESTER CITY, NJ (August 5, 2022)(CNBNewsnet)--It is said that great minds think alike. I agree. While Bill Cleary was walking up and down city streets with Peyton observing the town's problems, I was busy doing what I do best - research.I looked into the owners of every house on King Street, Market Street, Burlington/Third Streets. The results were interesting. I'll start with King Street. Obviously, since the west side of the street is waterfront, there are only 92 houses. Some of them are non-ratables (city-owned, churches, schools, etc.) so that brings us down to 83 houses. Forty-five of them (or 54%) are foreign owned. I had to wonder how someone in Washington State decides to buy a house in Gloucester City, but one investor decided to do just that. There was one owner from the New York City area, one from Philadelphia, and three from Sewell. Here is the amazing part - 12 of the houses were owned by Gloucester City residents from the "other (east) side of the tracks." As much as we blame foreign investors for the rental problems, we really don't have to look very far.
Moving to the next major North-South Street, Burlington/Third, there are a lot of surprises here, also. Just on Burlington St., there are 71 houses, seven of which are un-ratables. Of the remaining 64, only 10 houses are owner-occupied! That means 84% of Burlington St. properties belong to people who don't live there. Of those, two people each live in Philadelphia, Collingswood, and Deptford. Four houses are owned by people in Cherry Hill and, not to be outdone, 12 homes are owned by Gloucester City residents (again, on the "right" side of town.)
For the new residents in town, Burlington Street becomes Third Street south of Market. There are 44 houses here and eight (18%) are owner-occupied. A company called Third Street Co-Operative owns several properties in this general area. Voorhees is popular with out-of-town owners and only three are owned by Gloucester City residents.
Moving onto Market Street, there are 234 houses on the full length of the street. Here we have a lot of properties which are not taxable due to the number of churches, schools, and the cemetery. There are an estimated 187 properties being lived in. Of these, 114 or 61% are not owner occupied. Just as the person from Washington State, here we have someone from Texas who found the perfect investment property on Market Street in Gloucester City. Here we have three homes owned by investors from the New York City area, five from Philadelphia and eight from Sewell. And,.. the prize for the most investment properties goes to the residents of Gloucester City!So, if you are having a problem with your landlord, there is a greater than 50-50 chance it is someone from right here in town.Next up is Cumberland Street and a few other east-west streets.