Quote:
Originally Posted by bossabreezes
I wonder how the post-covid real estate market will look in JC.
I own property there and from what I've seen, prices are down around 15% for sales. It seems less negatively impacted than New York City proper in this department, but still not good.
I wonder if all of this construction is going to cause a glut, or if after the pandemic has passed things will roar back and create even more demand. Hoping for the latter. The whole NYC urban market is very depressed right now and don't want to see that hold for long.
I invested in JC because I truly think it's a gem and offers shorter commutes to Manhattan than most places in NYC, as well as seeing the potential for great increase in valuation over the next 2-5 years. Hopefully I wasn't wrong, lol.
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There's the joke that when a New Yorker moves to Jersey City, their friends will never visit them again. Jersey still has a bad reputation to the average New Yorker, but as more businesses open and more people move to Jersey City, that reputation will change.
It's hard to have a glut of housing in a metro area of 20 million. Jersey City is one of the best places to live in the metro area when you consider cost of living and commute times to Manhattan. I think in 5 years, things will be better than ever. There just needs to be enough housing being built for all income levels in order to help keep things affordable for long-term residents so they're not displaced.
On a side note, Pre-pandemic,
this article was bringing in tons of people from NYC that would normally never set foot on this side of the Hudson. Once here, they realize it's not that bad and a whole lot less expensive.