| Like many place in the United States, the price of real | | | | Commercial development really took off along the |
| estate has sky rocketed in the last few years. The | | | | waterfront. |
| combination of low mortgage prices, prime location, | | | | Jersey City 5 years ago |
| and rapid development has made a surprisingly sleepy | | | | 5 years ago, developers began to really understand |
| real estate market come to life in a hurry. Though the | | | | the values of the Jersey City waterfront. Projects like |
| local market started to slow down in 2007, the more | | | | Liberty Towers and The Pier were stated. The values |
| interesting question is what will happen next. | | | | of property began to skyrocket as the housing boom |
| Jersey City 15 years ago | | | | began in earnest. The Light Rail was nearing |
| 15 years ago, Jersey City was surprisingly | | | | completion, allowing areas of Jersey City beyond the |
| undeveloped. Most areas of the city were unsafe, and | | | | reach of the PATH to develop. New developments |
| what should have been an extremely valuable area | | | | sold out nearly as quickly as they opened their sales |
| was very undeveloped. Large parking lots took up | | | | office. It was truly a great time to own Real Estate in |
| much of the area around the waterfront, and the city | | | | Jersey City. Average real estate prices for 1 bedroom |
| was not safe to be in during the night. Few of the | | | | apartments peaks at over $500 sqft. |
| skyscrapers that exist now were around then. Much | | | | Jersey City now |
| of the buildings in Jersey City represented the areas | | | | Though it took a while to see the impact of the |
| roots as a manufacturing and shipping town. Land was | | | | housing bubble collapse, it has finally occurred. The |
| very cheap, and you could buy brownstones in need | | | | average price per square foot for a 1br apartment in |
| of rehab in the Paulus Hook area for $100,000. Many | | | | Hudson County is down to $435. The average selling |
| areas were heavily polluted and unsuitable for | | | | time for an apartment is up, and the buyers have a lot |
| development. | | | | more power in the negotiating process. Though 1 |
| Jersey City 10 years ago | | | | bedroom apartments still sell eventually, the market for |
| 10 years ago is when Jersey City really started to | | | | 2 bedroom apartments has slowed dramatically. |
| come in its own. The city really started to put an effort | | | | People who price their apartments aggressively are still |
| into development, and construction on the Light Rail | | | | able to sell, but some people are still expecting the |
| began. Massive development in the Newport area | | | | valuations of early 2007. As a result, it is not |
| really started to talk off, and property values steadily | | | | uncommon to see 2 like apartments in a building selling |
| increased. The waterfront area became safer, but the | | | | for over $100,000 difference in price (and neither one |
| interior of Jersey City was still spotty at best. | | | | selling). |