New Jersey real estate has been at an arguably nice equilibrium, with no sign of either drastic over or undersupply, states Isaac Toussie, Particularly with respect to commercial properties, New Jersey has been able to meet many of the concerns raised by the business community. While affordable housing is a problem, it is one in common with many states of the Union, and not something particularly bad in New Jersey. New Jersey has no known supply issues of much consequence. While not static, the real estate market is not at all volatile, either. Both residential and commercial real estate in New Jersey can expect current trends to maintain their trajectories for the foreseeable future, Isaac Toussie opines.
Due to its proximity to the economic dynamo that is New York City, most of its northeastern shore has developed towering condominums with sweeping views of Manhattan Island. Fort Lee and Jersey City offer some of the tallest and most recently built complexes for those looking to escape the hurly-burly of New York without totally cutting themselves off from its many attractions. Asking prices for such condominiums rival that of nearby Manhattan’s, however, and even the current economic downturn can’t help dampen the costs of ownership by much. Nonetheless, such New Jersey condominiums offer the best of both New Jersey and Manhattan for only the Manhattan-like price!
New Jersey residential properties are feeling some of the pinch of a depressed economy, but the real estate market remains all right in general and will be among the first to recover. This is due to its strong fundamentals, chief of which is the proximity to New York on the east and Pennsylvania on the west. Indeed, New Jersey already hosts several so-called bedroom communities with commuters serving larger metropolitan centers located in those two states. The northeastern shoreline, with its towns and cities so close to New York City, is particularly well-suited to a speedy recovery.
The fundamentals of New Jersey are strong. Its proximity to NYC, its strong commercial base, and its diversity of people and commerce place it among the best of states which is poised for a rebound in my opinion states Isaac Toussie.
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