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 still inched up slightly - around 2%.
While the ongoing housing crisis may be crippling markets nationwide, but the one place that doesn't seem to be affected by the downturn is in Manhattan. CBS 2's Don Dahler reports 2007 was a record year for apartment sales in the Big Apple, and 2008 may end up being every bit as good. This bodes well for housing all along the Hudson River Goldcoast.
At this time of year, the housing market is starting to heat up after the slow period over the Fall and Winter. While significantly less inventory is coming on the market this year, the list price level is still not showing softness. Unfortunately, even though things are slowing, Jersey City home sellers still continue to expect price gains when they sell their properties. This is primarily because of the strong market in Manhattan.
The continued new condo construction in Jersey City has been accompanied by an overall slowdown in new construction list price appreciation but not the list price reduction most new home buyers had hoped for.
So far in 2008, average condo prices year to date in Jersey City Downtown are 9% higher than in the same period in 2007. What is particularly significant about this is that there is currently 50% less inventory on the market versus last year at this time. Which means, many buyers are still going to experience bidding competition for the better properties in Jersey City.
According to the National Association of Realtors last week, right now may actually be a good time to buy a home.
Consider these facts:
INTEREST RATES NEAR RECORD LOWS
Today's interest rates are comparable to 40-year lows, possibly offering homebuyers a once-in-a-lifetime opportunity. The forseeable future expectation is for slight interest rate increases in the remainder of 2007.
PRICES OVERALL HAVE STABILIZED
The outlook is for new home prices to increase slightly over the next year.
REAL ESTATE IS A GREAT INVESTMENT
Homeownership is a safe, secure way to build longterm wealth. The national median price of homes bought ten years ago has increased 88 percent. The number of US households is expected to increase 15 percent during the next decade, creating a continued high demand for housing.
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 developers bring new construction and condo conversions to the market with incentives to both Buyers and their realtors. In reality, the incentives are being offer in lieu of reducing the sales prices.
Given its ideal location directly across from Manhattan, Jersey City continues to benefit from the price levels in Manhattan.
The newest and largest addition to the housing inventory over the last year have been the new condos released for sale at Port Liberte (Constellation Towers), Montgomery-Greene, Liberty Terrace, Fultons Landing, KHOV at Paulus Hook, Droyers Pointe, Zephyr Lofts, the "A", Grove Pointe, Gulls Cove, and the Liberty Harbor North complex of buildings. The Portifino, Zephr Lofts, and the Avalon Tower have also added additional updated properties to the housing inventory inventory this year. In the next couple years, additional condo properties at Port Liberte, Trump Plaza, and Liberty Harbor North are all scheduled for release.
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.
