Hudson County Real Estate
In depth coverage of New Jersey's fastest growning real estate market.
Tuesday, September 14, 2010
Wednesday, September 19, 2007
Chicken Little and today's real estate market
How many times did you hear that the market was going to crash? Probably too many times to actually remember, but you did hear it many times, correct?
If you are like most people you may have heard it from the media again, and again and again. Actually a year ago, it was all the rage! Everyone was like Chicken Little and we all felt smart stating something that the media drummed into our psyche. Of course the media provides an invaluable service to the public, but it has its motive well defined, to generate headlines that sell.
Now, we all feel a ‘little chicken’ to state the truth…that the market is actually performing the way that it should. A Darwinian twist on the real estate game, “survival of the fittest” in more ways than one. How many times have you heard this? Although you may not have heard this one, ad naseum, you may want to consider accepting this simple truth. What’s even more intriguing is the fact that the ‘great information highway’ delivers news (taken as advice by the public) that summarizes the performance of a national market, not a market summary of our market. Yet, we willingly accept the reality painted by the media as our own. And it doesn’t accurately reflect our distinct reality, more and more people are learning to understand this to be true.
Will the real reality please stand up?
Hudson County continues to perform nearly as briskly today as it did a year ago.
“Really?” you ask.
Yup, really.
When you think about it. It is so easy to be duped into acquiring a herd mentality. Especially when it concerns a subject that everyone perceives to be true, when in fact, it is not.
Consider the following, it’s quite an eye opener and you may find yourself wanting to know even more detailed information. (You can look forward to it in another post, soon.)
During the month of August 2006 there were 1453 listings processed in Hudson County, or a little over a hundred listings per month.
How many listings do you think were processed in August 2007?
Remember, the “bubble has busted” (yes, in some areas far removed from our county)
The reality is that in the month of August 2007, there was a grand total of 1433…a difference of 20. Does 20 constitute a bubble bust? Not hardly.
Now you may be asking yourself “yeah, Grant, but I’m more concerned with how many of those listings actually sold, don’t tell me they all did”
If you would like to continue reading this informative article, "click here".
Thursday, August 30, 2007
Journal Square gets $36.2 million vote of confidence!
Grant Hardeway
For the past year and a half most of us have been waiting to see just what would be taking place in the Journal Square redevelopment.
Harwood Properties the developers who showed their enthusiasm by plunking down a sizeable amount of money to acquire the the 1.5 acre site, $400 million project; has now sold a 66% interest in the project to Multi-Employer Property (MEPT).
It makes you wonder, with all of the turmoil occurring in housing industry at the present how this deal is going to come about. Don't worry! MEPT has deep pockets, 6.2 billion in assets- and plans to self finance to project.
But wait, it gets even better. There is a third party involved in this new development.
Becker & Becker the architctural,planning, preservation and development firm that worked on the Octagon, a 500 apartment redevelopment on New York's Roosevelt Island.
This is great news if you have not noticed. All of us may be a little skeptical-however we should bear in mind that the New York Metro area has seen a 1.7 increase in sales price since the market flattened out in the last quarter of 2006. And, most importantly the Hudson County area has seen an increase of 3% in overall sales prices.
Also, the project which includes two towers (north and south) and which is going before the planning board on Sept.25 is rumored to include a hotel component as well as 150,000 square feet of commercial space. This is surely to give a great boost to the employment and sales which are much needed in the Hudson County area.
This comes as welcomed news, especially with the forecast from the Federal Reserve Bank of Philadelphia's report that New Jersey's projected economic growth is a mere 0.7% through next March.
Wednesday, June 20, 2007
Journal Square continues to climb in popularity!
Popularity is a barometer for success or failure. Think about it for a moment, whole political campaigns are based on a candidates popularity.
"What's all that got to do with Real Estate, Grant?" You must be asking...well, Alot!
Keep in mind that we are experiencing a crucial moment in the real estate market at this time. It is not neccessarily a slow down...it is a metamorphosis. In order to guage your success as an investor it is crucial to know where the money is going now, and why.
Why is an area popular or unpopular and what are the factors that create this popularity?
Jersey City continues to gain popularity for a number of vital reasons, reasons that you will deem important to your decision to invest in the Journal Square area! It could be that you are wondering...
"What are some of these reasons?"
1. Jersey City is considered the state's "Destination City" it is the state's financial engine, in fact... The New Jersey Business and Industry Association found the city accounted for 90 percent of new jobs produced by the state’s urban centers!
2. 18 million square feet of office space and growing, makes Jersey City the 12th largest downtown in the United States. Hey, keep in mind that in 1980 Jersey City only possessed a mere 1 million square feet...total of office space!
3. Journal Square, perhaps one of the most important projects in the city’s redevelopment. Why? It is the geographical heart of the metropolis, and offers even more opportunity to continue the already rampant regrowth of the city.
With such popularity amongst the investment circles, it is certainly clear to see how your investment will fare in the near future. Jersey City's metamorphosis on the "Gold Coast" is rapidly transforming the whole of the city. There are now plans to construct a continuation of the Bergen Light Rail in the Marion Section west of Journal Square!
As more and more investors from a variety of philosphies and backgrounds continue to invest in the city's future. Journal Square's popularity continues to rise!
Thursday, May 17, 2007
Monday, April 23, 2007
Model of Urban Future?
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Luckily for me, a friend that also invested in Jersey City told me about an article that he had read in the USA today that will shed light on my reason for parking my monopoly money on this area.USA Today could not have said it any better. The truth of the matter is... Journal Square is a mere 2
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