The Jersey City real estate market has enjoyed significant price increases over the last 10 years. The price increase in 2005 and 2006 were in double digits. While 2007 reflected a slow down, the average price in 2008 still inched up around 4%. Prices in 2009 are not increasing and in the higher priced properties they are on the decline.
While the ongoing housing crisis may be crippling markets nationwide, the one place that has been less affected by the downturn is in Manhattan and the closer in areas of New Jersey.
At this time of year, the housing market has come off the relatively quiet Second Quarter homebuying season and is starting to slow down now that Summer is here.
While significantly less inventory has come on the market in the last 12 months, the list price level is still not showing significant softness in the lower priced properties. Even though things are slowing, Jersey City home sellers still hope for some price gains when they sell their properties. This is primarily because of the higher price levels in Manhattan and Hoboken's continued resurgence.
The slowdown in new condo construction in Jersey City has been accompanied by an overall slowdown in new construction list price appreciation and by some "significant" list price discounting of many new construction units.
In 2008, average condo prices in Jersey City Downtown were 4% higher than in the same period in 2007. What we see in 2009 that is particularly significant is that there is much less inventory on the market in 2009 versus either 2008 of 2007. Which means, some buyers were still going to experience competition for the better properties in Downtown Jersey City.
Jersey City (along with Hoboken and other towns in the NY Metro area) has lagged the national real estate slowdown; but, we are now seeing some developers bring new construction and condo conversions to the market with significant incentives and list price discounting to both Buyers and especially to their Realtors.
Given its ideal location directly across from Manhattan, Jersey City still benefits from the higher price levels in Manhattan.
The newest and largest addition to the housing inventory over the last year were the new condos at Montgomery-Greene, Liberty Terrace, KHOV at Exchange Place (77 Hudson), the "A", Crystal Pointe, Grove Pointe, Gulls Cove, and the range of Liberty Harbor North buildings. The Portifino, Zephr Lofts, and the Avalon Tower also added additional updated properties to the housing inventory this year. In the next couple years, additional condo properties at Trump Plaza, and Liberty Harbor North are all in the pipeline plus an assortment of smaller buildings.
For more facts on the NJ Real Estate Market, see: "Get the REAL STORY on Real Estate in New Jersey" at www.realstorynj.com.
Our Associated Websites for more information can be found at: www.BayonneHomes.biz www.JerseyCityHomes.biz www.HobokenHomes.biz BuyersAdvisors.Msx.Mlxchange.com
ZIP Codes: 07302, 07306 Location Characteristics: Jersey City - the largest city in New Jersey and the County Seat of Hudson County.
Jersey City (Pop. approx. 240,000) is located on the peninsula between the Hackensack and Hudson rivers. It is connected to Manhattan by the Holland Tunnel.
Jersey City originally developed as an industrial center in the late 1800s after construction of the Morris Canal enabled the easy transport of coal from Pennsylvania.
Today, Jersey City is easily identified as east of Interstate 95 (the New Jersey Turnpike) on the Hudson River Gold Coast's Upper New York Bay directly across from Lower Manhattan, the Statue of Liberty, south of Hoboken and north of Bayonne.
Jersey City real estate in the last twenty years has been undergoing a remarkable makeover, anchored by Wall Street moving back office operations to the Exchange Place and Newport City neighborhoods. In the Paulus Hook area the old Colgate-Palmolive site and the adjacent Harborside Financial Center are becoming an extraordinary business neighborhood serviced by ferries, PATH and the new new Hudson-Bergen Light Rail system
Just north of Exchange Place on the Jersey City waterfront, the Newport development has transformed the area on both sides of the approaches to the Holland Tunnel to Manhattan with residential rental and condo housing, hotels, extensive retail including the Newport Centre Mall, and new business office towers.
Jersey City is directly accessible from the north, south and west from Interstate 95 and Interstate 78 via the New Jersey Turnpike at Exits 14B, 14C, or 15E. Jersey City commuters have direct access to Manhattan via the Holland Tunnel in Jersey City, the PATH to either the World Financial Center or Penn Station, or ferry service to serveral locations in Manhattan. Jersey City is approximately 5 miles from Newark International Airport.
Jersey City's re-development is anchored by residential and commercial developments on both its Newark Bay (west side) and New York Harbor (east side) of the city. The completition of the new Hudson-Bergen Light Rail has increased the convenience of many neighborhoods within Jersey City and has also provided connections to other goldcoast towns like Bayonne to the south, and Hoboken and Weehawken (Lincoln Harbor and Port Imperial) to the north.
Jersey City's housing inventory is predominately older 1900's single and multi-family housing. However, a boom in condo construction has and continues to make new and renovated properties available to home buyers.
About Pam Bell:
Pam Bell - Broker - Member of the Real Estate Buyer's Agent Council and the Council of Residential Specialists, Broker of Record for BUYER'S ADVISORS.
BUYER'S ADVISORS has years of experience working for home buyers - including single family homes, condominiums, townhouses, and 2-4 family buildings.
Unlike ordinary real estate agents, BUYER'S ADVISORS always only works for and represents home buyers. What this means is that BUYER'S ADVISORS practices Buyer Agency, exclusively, and not Dual Agency.
If you are a "client" of BUYER'S ADVISORS, we guarantee that you will receive our full-time, undivided buyer representation.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
