Developers strike gold along New Jersey's waterfront.

The 18-mile long west bank of the Hudson River that stretches from Bayonne to Fort Lee along the New Jersey waterfront was dubbed the Gold Coast in the mid 1980's, when luxury condos began springing up out of brown fields, and developers flocked to the area to mine the skeletal landscape for untapped riches. Once an industrial wasteland of factories, warehouses and rail yards, the Gold Coast is now prime terrain for residential, retail and commercial developments and home to 600,000 residents. It has become the optimum choice for those seeking a compromise between crazy city living and the tedium of suburbia.

Donald Trump himself heads a cast of leading developers who are making a splash along the waterfront and sending waves of excitement to home buyers from far and wide and, as the market in neighboring Manhattan becomes more congested, residents from over here are now willing to shell out cash for the product now available over there.

Gold Coast housing prices are still lower than those in Manhattan, but not by too much. Compared to the city where $1,000 psf is becoming the norm, Jersey prices are virtually half, with the price per square foot averaging $500 and up, depending on the level of luxury.

But it's not necessarily about spending less money, it's about getting the best value for the price you pay, according to Douglas Fenichel, spokesman for K.Hovnanian Companies, LLC, the biggest homebuilder in New Jersey, with almost 2,000 homes along the coast.

These developments are laden with amenities home buyers might pay a pretty penny more for in the city--fitness centers, indoor pools, outdoor space, theaters, bars, wine storage, business centers, parking spaces, and 24-hour concierge services are all available--but one of the greatest selling points for those looking to cut the chord from the Manhattan market are the larger and newer spaces New Jersey still has in abundance.

"Everyone wants new construction, and not everyone ends up with that in New York City, but here on the Gold Coast, everything is brand new," said Jon Pink, sales associate for K. Hovnanian.

Donald Trump, CEO of The Trump Organization, and Paul Fried, founder of Metro Homes, are currently building Trump Plaza, a $415 million condominium project that will include New Jersey's two tallest residential towers reaching 50 and 55 stories, respectively.

"The addition of this luxury structure to Jersey City's Gold Coat is a testament to the attraction of our city as a destination for people to live, work and raise families," said Jersey City's Mayor Jerramiah T. Healey when they announced that venture.

The Athena Group is working in tandem with GoldenTree InSite Partners to develop the "A" building, a 33-story building with 250 condominium units on Washington Blvd. in Jersey City. It's already 64% sold out and scheduled for occupancy in November 2007.

Just this week, Athena and joint venture partners, BLDG Management, unveiled design plans for a new 1.2 million square foot mixed use development that will dramatically impact the Jersey City skyline. Acclaimed architect, Rem Koolhaas, has been commissioned to design and, in turn, help revitalize the historic Power House Arts District with the new development at 111 First Street and, says Athena, transform the neighborhood into a first class destination.

Treetop Development, originally a Manhattan and Brooklyn developer, set out to bring the trendy Brooklyn feel to New Jersey with developments in Jersey City and Hoboken, which included Ariel Square, a 21-unit residential building, and the Emsee, a 12-unit condominium building, both on Jackson Street.

These developments already have several presales and a long waiting list, even though their full-blown marketing campaign will not begin until next month.

"What we are trying to do is take what people like and what really sells apartments in Park Slope, and bring it out to Jersey City, to deliver a unique product to the market. We are not looking to be like everyone else and we have an advantage because we are in both markets. Jersey City is really going through a renaissance that holds striking similarities to what the Williamsburg section of Brooklyn went through," said Adam Mermelspein, a partner in Treetop Development.

R Squared Real Estate Partners tapped into the New Jersey market two years ago to build Adams Square, a collection of 59 condominiums built in a converted 136-year-old school building.

"It's architectural exterior has a lot of character, for example on either side of the lobby their are exits labeled boys and girls. It feels like it could have been built 30 or 40 years ago, but we dressed it up," said Mitchell Rechler, partner at R Squared Real Estate Partners.

The building was put on the market late last summer, and has sold out 34% of its units.

"Our building really offers younger professionals and couples a great opportunity to own their first unit, and it's so convenient to Manhattan," Rechler said, alluding to the many means of transportation available now connecting New York to New Jersey, including the Hudson-Bergen Light Rail, connecting with the PATH train; NJ Transit Passenger Rail System, transferring in Hoboken to connect to Penn Station; NJ Transit Bus, three bus lines that take riders through the Holland Tunnel to the Port Authority; and the Ferry, leading directly to the 39th Street terminal and Wall Street.

Metrovest Equities has also decided to make history in Jersey City, by developing the largest building restoration in the country and in New Jersey's history. The Beacon--a $350 million art deco mixed-used conversion, that will eventually comprise of ten buildings with 1,200 luxury residences and 80,000 s/f of retail space--has sold out 315 units of their first two towers that are scheduled to open in June.

"We also sold a penthouse last week for $2.3 million, which I found out is the highest price ever paid for a penthouse in Jersey City," said George Filopoulos, president of Metrovest Equities.

Other developers such as Roseland Property Company, Lennar Corporation and many others dying to make their mark, have already claimed their spots. According to NAR, this tumult of new developments has let to the second strongest condo price gains in the Newark-Union area of New Jersey, where the median condo price of $352,600 rose 16.4% from the fourth quarter of 2005.