jcguy05 wrote:
that article is full of crap.

1) the rental market in downtown jersey city is in complete meltdown, i never seen it this bad not even during the 08 financial crisis. Units in those high-rises that usually gets rented out in 1-2 weeks are sitting on the market even with 20-30% rent cut, never seen inventory like this, one of the highrise condo i am keep track of usually have 1 or 2 vacant unit for rent max, right now there are 13 (as of last week) vacant unit at a 30% hair cut.

2) the condo market is completely frozen, no-one is buying, price has not dropped much yet but nothing is moving, real estate prices are always the lagging indicator - last to go. Just like during the 2008 crisis, real estate price didn't start to gap down and hit the low until 2010. But i have no doubt prices will take a significant drop in the next 12-24 months unless by some miracle this covid 19 goes away and everyone returns to office and economy shoots back up soon (not going to happen)

Also the reason the stock market has recovered is because the indices are all propped up by tech, like amazon / zoom / docusign etc...companies that are making a killing from the remote work situation.

One has to be a complete idiot to buy today, i will definitely not buy any condos right now...rent yourself a nice 2br/2ba for $3000 or 1br for $2100, then wait and see.