Hudson County in New Jersey was once known among real estate professionals as the Gold Coast for its quick and easy access to downtown Manhattan while offering all the buccolic charms of small-town America. Thanks to The Great Recession, however, properties have been on the market for up to well over a year – despite repeated discounts – and there appears to be no end in sight for exasperated sellers.
To be sure, sales have been made, every month, in the region. But that’s just the point: the inventory of condos is incredibly backlogged, not to mention single-family houses. Given current trends, up to two years could pass by before everything is sold – provided that no new properties come on the market!
In contrast to the half a year that industry insiders believe would be required of a healthy market.
Naturally, we are speaking generally here: it’s certain that at some times, some particular places in this area have done pretty good. However, in no area is there genuinely positive news to be found, from premium developments to affordable properties in Jersey City, Hoboken, or Weehawken – never mind communities such as West New York or Guttenberg.
After all, almost exactly the same thing has been happening all across the country, from the West Coast to the East Coast, from the South to the North. Even as prices keep falling, there is hardly anyone who’s interested in buying in this kind of an economy. This is something that even industry insiders like Isaac Toussie have not seen before, where even with the prevalence of bargains sales should still remain flat!
Then again, who would want to take out – or give – a loan for several hundred thousand dollars in such an uncertain job market?
