This doesn’t imply that every high price is justified. It means that every community will perform based upon its ability to offer buyers what they want. But this does help explain the dynamic between prices and demand. When a state combines strong household incomes, employment opportunities, education, healthcare, safety, transportation and lifestyle amenities, buyers are often willing to pay a premium for access to it.
New Jersey’s obvious buyer requirement is proximity. Proximity can’t be manufactured or even legislated. You cannot move New Jersey and be any closer to Manhattan. You can’t institute an established community, with a wide transportation infrastructure, and have schools, restaurants and cultural centers. All of these factors are considered when looking at a property’s location.
The Secret Is Out
Ralph Zucker said it best when he told Fox News Digital that New Jersey is no longer simply a place connecting New York and Philadelphia. It has become a destination of its own, and this may be the real story behind the numbers. The Garden State has always had the ingredients, but now the pot has been slow-cooking for years and is now ready to serve.
- Strong communities.
- Major employment centers.
- Excellent access to New York and Philadelphia.
- A beautiful coastline.
- Established suburbs.
- Walkable downtowns.
- Restaurants and entertainment.
Homebuyers in New Jersey are discovering what real estate professionals are calling the metroburb. That is the force behind what drove the revitalized Jersey Shore, as is the case of Asbury Park. The Garden State isn’t merely a place to pass through anymore; I’s a destination people are choosing to stay. The question to be asked is: How much longer can New Jersey remain a secret when everyone else wants in?