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Re: Impact of pandemic on JC real estate
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BTW, I started a thread on this same topic at the beginning of the quarantine period. I imagine the webmaster is going to merge this thread into mine.

Posted on: 8/22 22:30
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Re: Impact of pandemic on JC real estate
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The condo market will get hit harder than the brownstone market. But overall the real estate market takes awhile to show the impact the economy has had on real estate. The increase in crime in NYC as well as there being no access to the arts, sports or restaurants in earnest, will ultimately impact Jersey City. Still lets be mindful, compared to Manhattan, our brownstone market is still relatively inexpensive. Also, at least 10% of the people who have moved to cities in the last 10 years are really suburbanites, who really don't like living in cities. So a change in wind course was going to push them out. Another issue, is that there has been an excess in development in the condo market. Also, we hit a recession in February, so the market was already going to take a hit. It's going to be slippery for awhile. I think in 2 years a lot of people will almost forget about all of this. But who knows.

Posted on: 8/22 22:29
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Re: Impact of pandemic on JC real estate
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Per a friend of mine who works in RE the rental market is crashing - this is expected, the summer is almost over. As for sales, it is very dynamic with a majority of folks leaving and a downward pressure on prices due to inventory build up - also expected, most parents have made their choices for their kids by now. I am more concerned about the state of the streets, I definitely noticed more trash piling up and not from folks leaving their garbages behind as they pack, just regular garbage. Hopefully I won't have to start a round the block cleaning every other day, we can't let this affect us.

Posted on: 8/22 19:14
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Re: Impact of pandemic on JC real estate
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My zillow zestimate has come down about 6% since Spring, my Redfin estimate is down about 4%, but not much (if any) new inventory in my neighborhood.

Posted on: 8/22 15:55
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Impact of pandemic on JC real estate
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Curious what the impact of the Pandemic is on JC real estate market. I hear people are fleeing NYC -- not sure if similar trend is happening in JC or if New Yorkers still see JC as an alternative?

Posted on: 8/22 15:46
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