Like many places in the United States, the price of property has skyrocketed in the last few years. The combination of low mortgage costs, prime location, and rapid development have produced a surprisingly drowsy real estate market come to existence in a rush. Though the local market started to slow down in 2007, the more interesting question is what will happen next.
10 years ago is when Jersey City actually started to come from its own. The city actually has begun to put an attempt into development, and building on the Light Rail started. Massive growth in the Newport area really started to talk off, and property values steadily increased. The waterfront region became safer, but the inside of Jersey City was still spotty at best. Commercial development actually took off across the waterfront.
5 years ago, programmers began to actually understand the values of the Jersey City waterfront. Projects like Liberty Towers and The Pier have been said. The values of land began to skyrocket since the housing boom started in earnest.
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Jersey City now
Though it took a while to observe the impact of the housing bubble collapse, it's finally happened. The average cost per square foot for a 2br apartment in jersey city is affordable for everyone. The average selling time for a flat is up, and the buyers have a lot more energy in the negotiating process.
Though 2 bedroom flats still sell eventually, the market for 4 bedroom apartments has slowed drastically. People who cost their flats aggressively are still able to sell, but some people are still expecting the valuations of ancient 2007.