Is Northern New Jersey becoming the sixth borough of New York City? There was a time when Manhattanites would venture over the Brooklyn bridge in search for more affordable real estate. Brooklyn offered the amenities of Manhattan, a short commute and an eclectic neighborhood experience that could not be found anywhere else in the city. However, what was once a trendy hipster area is being crowded out by big chain stores and buyers who can pay all cash for a million dollar property. Brooklyn is not the bohemian enclave it once was.
The New York Times writes about the shift in the market taking place in Brooklyn. The article discusses couples like Hustons, who were priced out of the Brooklyn market. With too many compromises needing to be made they found themselves conceding on the one issue they never imagined they would, location. They’ve found a home in Jersey City affording them the lifestyle they desire in a spacious converted loft they meets all of their needs and desires. There had been many loft conversions in Jersey City offering luxury amenities and views of the city. The units themselves are refurbished and much larger all at an average cost of $400-$500 per square foot compared to the average of $1050 per square foot in Brooklyn.
Montclair and Maplewood are other areas of Northern New Jersey that have seen a rise of sales for Brooklynite “ex-pats.” The same length of commute can allow homeowners to have freestanding homes with yards. This has been appealing to many young professionals who are starting a family. Northern New Jersey in appealing to many couples and families that are looking to live the in the New York Metropolitan Area without a strangling mortgage payment.
As the Brooklyn market continues to inflate it is expected that more buyers will continue to broaden their home search. Northern New Jersey offers the fast paced lifestyle couples and families are looking for in addition to a home with ample square footage and much more affordability. We will continue to see buyers leaving the five boroughs for New Jersey to fulfill their house hunting desires. Let Aceltis be a part of this home buying journey and win you competitive rates for an even lower monthly mortgage payment.