Condo Conversions In Jersey

The Jersey Shore probably doesn’t have that many rental properties compared to other so there is probably not much condo conversion going on. In Hoboken though, and some parts of Jersey City, the conversions are becoming rampant. The huge Tea Building in Hoboken is turning going condo and so is the North Constitution. I bet the developers that own these projects figure they can get a so much more cash up front than they ever would trying to rent the places out.

[“The number of apartments being renovated and sold as condos is escalating at a time when single-family homes are beyond the means of many Americans.

At least 70,800 apartment units were sold to condominium developers nationwide in 2004, up from 7,800 in 2002, according to Real Capital Analytics, a New York consulting firm.”]

Continue...

According to other posts I have read on other blogs, when the condo market catches fire, that is when the real estate market in general is near a peak. The condo market in North Jersey and the Shore is certainly very hot right now.