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New Jersey waterfront communities proving 'Grass is always greener...'.

The mighty Hudson River seems to be narrowing, figuratively speaking, when it comes to New York's housing market. Many long-time Manhattanites are crossing the river to live "on the other side" for reasons that include value, space, amenities and lifestyle. New Jersey's waterfront from Jersey City to West New York has seen unprecedented interest in housing opportunities of all kinds: from condos to rentals, town homes to high-rises. This trend has made the North Jersey waterfront one of the hottest residential markets in the metropolitan area.

The lifestyle offered by New Jersey's "Gold Coast" appeals to many types of residents including upwardly mobile single professionals, young families, empty-nesters and retirees. It has been our experience that residents in this region are attracted to the amenities of luxury developments, and the significant value they offer compared to Manhattan prices -- typically 50 percent less expensive than similar product in New York City. For example, our newest rental residences, Portofino in Jersey City and York, both offer residents a pool and a fitness room; an exclusive interactive data, voice, video and security package that features high-speed Internet access and wiring for DirecTV; an on-site business center; parking facilities, in-unit washers and dryers, 24-hour concierge service and spectacular Manhattan skyline and Hudson River views. The fact that Portofino is 75 percent leased just four months after its opening, and that River bend is quickly completing final leasing of the handful of units it has left just four months after its opening, is proof that New Jersey's Gold Coast is the answer for discriminating consumers who demand a lifestyle of uncompromised elegance, convenience and affordability.

Because of improvements in commuter modes of transportation and highway accessibility, residents of the Gold Coast are finding that getting into Manhattan, or to other parts of New Jersey, is becoming increasingly easy. The New Jersey waterfront is now more convenient than ever with the first phase of the new Hudson-Bergen light-rail service connecting North Jersey towns to the highly-traveled PATH trains and ferries into Manhattan. For many commuters, the shuttle and ferry combination is quick and bypasses much of the bridge and tunnel traffic. Not to mention that owning a car is much easier on the Gold Coast, with most communities offering convenient, on-site parking facilities.

Commercial real estate is also booming on the Jersey side of the Hudson. With more and more companies relocating their offices to Jersey City and other Northern New Jersey towns, residents are often able to live and work conveniently on the same side of the river, while taking advantage of all the cultural activities and retail amenities of the Big Apple.

The future of the Northern New Jersey waterfront residential market shows no indication of slowing. Consumer confidence continues to be high, and the job market strong. If Manhattan follows its trend of the last two years, it will be adding close to 200,000 new jobs, many of which will be filled by professionals who have discovered Hudson County's desirable lifestyle, value and convenience to town and country.
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Title Annotation:Industry Trend or Event; Business Brief; housing developments more affordable than similar properties in Manhattan
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 19, 2000
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