An Examination of New Jersey Real Estate Today
The major urban centers of New Jersey were in the process of being revitalized when the economic downturn just sucked all the proverbial oxygen out of the proverbial room. But the missed opportunities, and dollars, are very real and literal.
Until the great mishap, the most notable example of new construction in New Jersey today was found in Jersey City, particularly by the Journal Square neighborhood that serves as something of a regional transit hub. In fact, real estate development has been on-going for years, gradually picking up pace until the recent financial crisis.
Still, market fundamentals are strong, and it will only be a rather short time before the real estate boom continues for Jersey City. In fact, the current economic downturn may even be helping the local economy cope, as more and more New Yorkers flee that city’s notoriously high rents for the relatively lower ones that may be found in Jersey City!
So even in this economy, there is enough ongoing commercial development to keep New Jersey a little busy, as funding had been secured long ago. While not as strong as previously, commercial real estate in the Garden State remains an important actor on the economic stage.
The mortgage indiscretions which brought low many a real estate market in Nevada, Pennsylvania, and New York has not been as prevalent in New Jersey – perhaps thanks to the state’s notoriously high property taxes! For in possibly discouraging ownership, the nation’s highest property taxes may have also discouraged the so-called predatory lending practices that have resulted in such widespread foreclosures elsewhere.
Of course, with the highest property taxes in the nation, not all of New Jersey’s housing is so problematic. The status of commercial real estate is better. The landscape is often shaped by office parks – where not interrupted by miles upon miles of heavy industrial plants! The government’s stimulus package seems to have created upward pressure which has stabilized some New jersey property markets.
We have to wait and see just when stabilization will morph into appreciation. New Jersey is a state known for its many heavy industries, which bear important implications for the regional commercial and residential real estate markets.
Many of the state’s most dynamic towns and cities abut such industrial centers, with the result that much New Jersey real estate can be among the least desirable in the wider metropolitan nexus it forms with New York and Connecticut. Industry in New Jersey is varied and multi dimensional. Office parks shopping centers business parks and a strong retail base abound, these are good fundamentals.
This author of this article is Barbra Miller. Barbra recommends visiting http://www.realestateprosnow.com for great information about real estate by real estate gurus.
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