The inflow to New Jersey’s real estate development periodically weakens and intensifies. The state is one of the most populous. Many residents have left to settle in quieter cities and areas. But the high level of cultural development and business opportunities attract new investors and residents. New Jersey architecture is magnificent and diverse. Gothic schools and classic administration buildings are located nearby. The suburb looks like a typical quiet one-story America. The urban and ultra-modern style of the new houses in the center and on the outskirts also perfectly fits the overall eclecticism. Construction companies offer a variety of building options and a wide range of prices.
If you are looking for homes for sale in New Jersey, please visit our website. You will find all the information about real estate developers in New Jersey, prices and infrastructure. We also showcase projects under construction. Some broad areas will be completed in a few years. At the same time, individual houses and buildings can be put into operation in 6-8 months. All these circumstances make the topic of investing in New Jersey real estate controversial but exciting.
Downtown New Jersey is a unique place. Modern multi-story buildings are mostly commercial. At the beginning of 2017, a large developer called KRE Group launched a complex of three skyscrapers. The project was developed under the name Journal Squared. The towers have 54, 71 and 63 floors, respectively. The exterior and interior decoration of the complex meets the highest standards.
In addition to offering views of Manhattan, Journal Squared is located close to the S-Bahn train. It connects Jersey City and Manhattan. The construction of the lowest skyscraper was completed in 2019. In 2020, the company has already completed half of its tallest middle building. The project completion date was originally scheduled for 2021.
However, according to experts, large-scale construction will be completed by early 2024. Such a delay may be due to the coronavirus’s unexpected appearance and a possible second wave of the pandemic. Nevertheless, the city and the region have a lot of advantages. Therefore, many large contractors have already submitted new projects for approval to government agencies. Shortly, new multi-story business centers will appear around the pioneering skyscrapers.
North American Properties announced the start of a large-scale project in 2017. Its implementation will require more than $ 2.5 billion and more than ten years. The project is expected to reshape the Raritan Riverbank in Sayreville completely. It is planned to build 2 thousand houses and apartments only. Also, the considerable complex will include office and administrative buildings. A whole new area will occupy empty land.
In 2017, a project called Riverton was announced on the banks of the Raritan River in Sayreville, which was named the most significant mixed-use complex currently in the country. The project, spread over 418 acres, will bring 2,000 housing units and millions of square feet of office, commercial and retail space to currently vacant land. Construction will be carried out in stages. This means that the developer plans to sell the finished houses to investors immediately (sometimes, even at the construction stage). If residential and commercial buildings buy well, the project will continue. High investor activity can also speed up construction time.
Some areas around the town of Weehawken became wastelands after the shipyards closed. But the convenient geographical location has attracted new investors here. There are public transport links nearby, and you can quickly get to Manhattan. Another catalyst for new homes construction in N.J. was the development of Port Imperial.
Near the ferry station, developers quickly began to reclaim the land. There appeared:
- 1000 Avenue at Port Imperial, a 74-unit residential building in Weehawken.
- 1200 Avenue at Port Imperial, 103-unit condominium building.
- Avora, an 11-storey luxury condominium complex with 184 apartments.
According to experts, at the end of 2018, apartments’ costs ranged from $ 600,000 for a studio apartment to $ 3.7 million for three-bedroom and bathroom options. By 2020, demand has grown, and the top has more than tripled. They evaluated middle-class housing. Elite duplex apartments with a pool (over 1000 m2) start at $ 30 million.
Government agencies approved Project 99 Hudson in 2017. In 2019, it was commissioned. The building became the tallest not only in Jersey City but in the entire state. The project includes:
- 781 apartments.
- 76 floors.
- Outdoor pool with sun terrace.
- Indoor and outdoor lounge with BBQ areas.
- Fitness center with a gym.
- Children’s playroom.
- Area for walking pets.
Interestingly, the Chinese company Chinese Oversea Holdings became one of the N.J. real estate developers. The brand’s management assessed the economic potential of the area. In statements to the press, the investor said that he expects the price of this property to rise.
Before buying, each future owner must determine the purpose of the transaction. Homes for your use may not seem like great solutions, as land taxes rise as the site grows in popularity. In the case of short-term investments, buyers are better off focusing on finished buildings in locations with excellent infrastructure. Projects under construction are a good target for a long-term investment with the subsequent delivery of housing and offices for rent.