2018 didn't prove to be a very good season for Jersey City real estate marketplace. Factors such as a decelerated economy, contrary to an unclear political background just further slowed the sector.
Due to the spiraling interest rates on home loans and ever-increasing home prices, the massive bulk of prospective buyers preferred to wait for improved investment opportunities. While a huge portion of the nation was experiencing a general downturn in the land segment.
The IT and ITE service industry of the city has seen a swift and rapid expansion in the last few years. Increased disposable income, coupled with growing ambitions and flourishing business together have led to the rising trend of residing in plush apartments.
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More and more people are opting for luxury Jersey city flats because these offer a broad spectrum of advantages like enhanced safety, improved social infrastructure and a multitude of impressive amenities to mention only a couple.
Luxury housing accounts for nearly 2-3 % of the town's residential realty market. Locations like 90 Columbus, Historic Downtown, brownstones, gleaming towers, cobblestone streets, and leafy parks are the hottest spots for creating plush high-rise apartments in the city.
The standard size of a luxury property in town can begin somewhere around 3,000 square feet and reach around 7,000 square feet. At present, these drop between the rental price range of $2,850 into $3,250 per unit.