http://www.thedailybrad.com/west-coast/
The Great Recession In Real Estate Terms
Despite its quiet backwater charms, Hudson County in The Garden State used to be nicknamed "The Gold Coast" due to its proximity to the financial district of neighboring New York City. 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.
It's true that local properties are being sold regularly, if not rapidly. But that's just the point: the inventory of condos is incredibly backlogged, not to mention single-family houses. The way things are, it might be some twenty-four months before everything is moved...unless new offerings become available!
Compare that to the typical six-month inventory that industry professionals consider the sign 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.
Indeed, local trends have mirrored national ones reported from Portland, Oregon and Dallas, Texas to Minneapolis, Minnesota and Cleveland, Ohio, despite the proximity of Hudson County to New York City and its world-class economy. Moreover, despite the dramatically falling prices, buyers are few and far in-between. It's a singular situation that even professionals such as real estate developer Isaac Toussie are confounded, that despite the great deals sales should actually decrease!
Then again, who would want to take out - or give - a loan for several hundred thousand dollars in such an uncertain job market?
Coconut Records "West Coast"
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