Tom and I for sure have the Spring fever thing going today! We cleaned all the carpets for the boat and wow----do they look great! Its a beautiful day here, 100% sun. It really seems like Spring is here---until we go outside and realize its only 32 degrees! We are just running errands today and Tom is enjoying being home-- no traveling at all next week!
I like to put in little factoids about this area as I come across them so everyone can get a better feel for our new home. With the economy in a near recession and mortgages a major issue, the rental market in NY/NJ is booming vs the purchase of a new home. There are some pockets of the city though where you can still get a deal for not too much cash and none better than Jersey City. Although not quite in the city, its just across the Hudson and Manhattan is literally minutes away. Some of my past posts I have blogged about this area--Tom and I love it. Anyway, if anyone is looking for an investment (or to possibly move out here (hint hint L) Jersey City has some screaming deals (300-500K for condos in new developments). Even with some of the deals, the rental market still seems more popular for city living and it seems that this is only the beginning.
Here are some facts I read today in the NY Times:
-New Jersey's population density of 1150 persons per square mile is the highest in the WORLD, even greater than Japan (850) and India (950). This of course intensifies the demand for homes, which leads to higher costs; currently, housing in NJ costs 53% above the national average.
-It’s estimated that 30K people per year make the move across the Hudson from Manhattan to find housing. As this continues to happen, the rental market may be all people can afford out here.
Since we are on the subject of real estate… every Saturday one of my favorite sections of the paper is Real Estate. I love reading about spaces in the city that are so coveted here, but in other parts of the country what is sold/or rented out as living space would be viewed as obscene, even more so when you see the cost associated.
Here is a good one that’s been on the market for 12 weeks.
An Upper East Side studio (nice neighborhood, Socialite status, within walking distance to Central Park and multiple museums) in a pre-war (read= old) co-op building (no doorman which is a drawback), southern exposure, h/w floors, renovated kitchen and bath.
Monthly maint fees in addition to the mortgage are $480.00
The cost: $300K.
Oh yeah, the size… 350 sq feet.
I have attached some new pics of the city. Even with its ridiculous pricing its a great place to be. :-)
nyu, cafe wha?, a frequent gig for bob dylan back in the day, rain in greenwich and frank preparing for tom's bday a couple weeks ago.
:-)
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