5 Positive Trends for New Jersey’s Gold Coast Real Estate Market
Located in Northern New Jersey, Hudson County has made a name for itself as the “Gateway to America”. Situated across the Hudson River from New York City, the area is one of the world’s largest media market and a recent hot spot for growth. The county’s popularity is no surprise due to its extensive transportation system, close proximity to New York City, and growing hospitality industry.
Home to premier medical and higher education centers, Hudson County real estate boasts attractive views of the Hudson River and an urban lifestyle that promises frequent corporate and sporting events.
In light of the COVID-19 pandemic, the press has pointed to residents fleeing the city in exchange for suburban and rural living options. However, we’re here to speak on the positive aspects of an urban lifestyle and how Hudson County has benefited as people are moving away from New York City.
We sat down with Nicole Kopec of Nest Seekers International as well as Michael Hern of Prominent Properties Sotheby’s International Realty and CEO of Luxury Living by Michael Hern to discuss the Hudson County Urban Market.
Fleeing to the Suburbs?
In response to recent press about those fleeing the cities and taking to the suburbs, Kopec commented that, "This is a natural progression. Families outgrow their homes in urban cities all the time. They sell and move to the suburbs but guess what, while they're on their way out another is always on their way in.”
New Jersey “Gold Coast” cities such as Jersey City, Hoboken, and Weehakwen offer a blend of both lifestyles. With many clients leaving traditional suburban areas as their children grow up and leave home, the decision to return back to the city seems smart as the upkeep of a larger home is no longer necessary when it can be exchanged for an engaging neighborhood and lifestyle.
“The Suburb of the City”
Hudson County is considered a suburb of New York City. In comparison to the bustling metropolis, Jersey City, Hoboken, and Weehawken offer a different brand of urban living. Those who are looking to leave New York City but wanting to stay in close proximity often come to the Gold Coast where they don’t have to compromise on their lifestyle but can get a little more bang for their buck when it comes to living space.
With unmatched transportation options when it comes to returning to New York City, Hudson County also offers an expansive list of dining and entertainment options that are close to home.
Is Now a Good Time to Buy?
Kopec says, "Yes! Interest rates are lower than ever. Dream homes you may not have been able to afford in the past are now within reach.”
As mortgage rates are still hovering near the all-time-lows that were reached in April, now is the time for confidence. Making strong, well-informed decisions during this time will continue to keep you on track to finding the perfect home for you.
The Gold Coast Market’s Response to COVID-19
While the rental market has been moving a little quicker than the housing market, sales have been getting consistently busier each week as conditions improve. As we all adjust to the “new normal” and wait to become comfortable with typical showing activity, Hern noted that, “Based on the calls we are receiving, I expect it to be busy sooner than later.”
As NYC-based buyers are looking to take advantage of larger condos in low-rise buildings and townhomes, the Gold Coast has a variety of appropriate inventory ready and available. Hern commented that, “With each building offering a variety of outdoor spaces, large living spaces, and an extremely easy commute to the city, people are starting to see this area as the ‘hybrid’ of city and suburbs."
This blended lifestyle has developed over the past few years in Hudson County. As new inventory is created with both construction and re-sales, the Gold Coast is capable of meeting the desires of a wide range of buyers.
The rich diversity that the Gold Coast provides serves as a dynamic backdrop for the Hudson County waterfront. Newly developed housing, along with offices, shopping, entertainment, and marinas, have enhanced the landscaped riverside spaces. As Jersey City is on track to becoming New Jersey’s largest city, Hudson County faces no shortage of developments, proving that you can truly have the best of both worlds.