When people first began building condominiums, they were more or less considered a retirement option. “Empty nesters” flocked to them. That isn’t so true anymore. At least it isn’t in the Jersey City area. Here, and in other places like Hoboken, young professionals are filling up the condo market faster than they can build them.
A lot of people who used to live in Manhattan and other New York areas are now choosing to cross the Hudson into New Jersey where they are finding accommodations that not only fit their lifestyles, but have more interesting surroundings as well.
Part of the lure, of course, is that prices for condominiums in Jersey are still lower than in Manhattan. With interest rates still being relatively low, the options in places like Jersey City and Hoboken are attracting more and more of these young professional people.
Prices of condominiums are actually on the rise right now, because of a low inventory situation. In other words, it’s becoming a seller’s market. A unit is often snapped up as soon as it is listed on the market. The average list price for the some 420 units sold around the Jersey City and Hoboken waterfronts this year is $700,000. That’s up from $557,000 just three years ago.
Another part of the draw is the determination of the administrations in Jersey City and Hoboken to make their cities attractive for living, recreating, shopping, and other aspects of a busy life. For instance, just about anywhere one wants to shop in Hoboken is within walking or biking distance. The newly developing bike-share programs can only add to the convenience of living here. Public transport in both cities is also becoming more and more convenient.
The shortage of units is being addressed by new development of larger and more “user friendly” complexes. Built with modern residents in mind, the newer units are usually more spacious, with a well-planned “green” infrastructure, and are meant to avoid some of the more common problems with older complexes such as water runoff, flooding, and such.
Are you ready to try life in a condo?
Eddie