New Jersey Real Estate
Despite downward trends in the national housing market, real estate development in New Jersey continues on a path to recovery and revitalization. Large commercial projects, as well as new home construction sites, are being implemented at a positive growth rate as compared to national figures. And the real estate professionals who are on the front lines of the housing market seem to maintain a confident outlook, as a recent report shows that 93% of licensed realtors intend to stay on the job for at least the next two years, if not more.
Meanwhile, book-selling giant Barnes and Noble has announced plans to break ground on a $300 million project in Glassboro, part of a development plan that includes over half a million square feet of retail space. Starbucks has already signed on and a 107-room Holiday Inn Express and Suites will soon be a tenant. Additionally, a two-phase construction project is underway that will provide over 800 new apartment-style housing units for students of nearby Rowan University.
Another more well-known college town, Princeton, shows signs of current trends as prices of some of those stately manors are being lowered somewhat, which is good news for investors or first-time home buyers who are able to take advantage of tax credits offered by the Federal Housing Act of 2009. This tax incentive has been monetized by HUD so that it can be used as part of down payment and closing costs, opening the door for some home buyers who may have thought that a Truman Avenue address was out of the question.
A little further north, in the New Brunswick metropolitan area, mortgage rates continue to drop incrementally. The unfortunate trend of foreclosures can be a sign of good fortune for those who are willing and able to jump on a good deal when they see one. Although median home prices continue to rest at the $250,000 mark, the possibility of getting in on a newly-available home using FHA loans at 3.5% interest rates may be seen as a golden opportunity for investment dollars looking for a place to settle in.
Closer to New York, the city of Newark has plenty of commercial space available. Office space at a prestigious legal center next to Penn Station is down to $28 per square foot, which includes on-site parking and high-end décor. Over by the airport and Port Elizabeth on Frelinghuysen Ave. there are an abundance of commercially-zoned business sites of all kinds, available from as low as $1.78 per square foot. There is a 6,700 square-foot liquid bulk terminal for sale on the waterfront.
One of the best-kept secrets about New Jersey is the beautiful scenery around the Delaware Water Gap. Single-family homes in Penns Grove are available for prices ranging from $55,000 to $155,000 and there are several condos and townhouses for sale as well. Vacation rentals and timeshares are available to those who are vigilant and on the lookout for a unique way to invest in real estate and there are some multi-unit residential properties and commercial sites that can be found at affordable rates.
The Atlantic shore also has some real estate values that can be attractive to the right investor. Mortgage rates are declining along national lines, generally falling about 0.15% on fixed-rate mortgages. Median prices for existing homes hovers at around $250,000, while the median price on foreclosures sits at $200,000 or less. Unique commercial property is also available in this shore town, where anything from a fish shop to a stately bed-and-breakfast is waiting for a new owner to take over.
The state of New Jersey offers a wide variety of real estate opportunities and those who are looking to invest in residential and commercial property and who have a keen eye for unique and rewarding investment ideas will find what they are looking for in the world-famous Garden State.