As the spring real estate market heats up, experts anticipate millennial buyers coming out in droves, thanks in part, to social media. But known for their desire to live well but frugally, these prospective owners are willing to forgo pricey places like Manhattan and Brooklyn to explore the Jersey side of the Hudson River. Though the Garden State continues to be an affordable alternative to New York, four counties in New Jersey have the highest property taxes in the nation. Meanwhile, Eli Manning’s Hoboken home sale sets a record.
Let’s take a look at these and other interesting real estate stories that made the news this month.
Instagram, Facebook Photos Spur Millennials to Become Homeowners
Millennials are itching to buy homes. Why? They see photos of homes on Instagram and Facebook that their friends bought, and think: “What about me”? This “FOMO” — fear of missing out — has become one of the forces spurring many Millennials to finally buy a home, according to a Bank of America survey of 2,000 adults early this year.
4 Counties in NJ Have the Highest Property in Nation
New Jersey homeowners are paying the highest property taxes in the nation — both in absolute numbers and as a percentage of home value. Mirroring the country, average property taxes in New Jersey jumped 3 percent from 2016. At 2.28 percent, New Jersey posted the highest effective property tax rate. That’s close to double the national average of 1.17 percent. The analysis spotted nine counties nationwide with average property taxes above $10,000. Four of them can be found in New Jersey — Essex, Bergen, Union and Morris.
Real estate prices in New York City have cooled but remain astronomically high, so Jennifer Tobias, a senior designer at the Studio Sofield design firm in lower Manhattan, found a nearby refuge. Located just across the Hudson River from Manhattan’s West Side, Jersey City is being touted by some as the latest alternative to New York City’s torrid real estate market. It’s where Tobias joined a growing number of area residents who find Jersey City more affordable when compared to its more famous neighbor.
Eli Manning Sells Hoboken Pad for a Record Price
The Giants quarterback has moved to suburban New Jersey to accommodate his growing family and sold the 3,550-square foot combination Hoboken apartment for a record-setting price of $3.55 million, according to the New York Post. It is the most anyone has ever paid for a condo in Hoboken’s history, said a representative from Douglas Elliman.
Sayreville Will Build ‘Largest Mixed-Use Project in New Jersey History
Development is moving forward on a 418-acre, $2.5 billion mixed-used development in Sayreville. Riverton, a mixed-use project that will be located by the Raritan River and total 5 million square feet in size, is being developed by North American Properties, a multi-regional real estate operating and development company in a join venture with PGIM Real Estate.
N.J. Bill Would Allow for Voter-Approved Arts Tax
A New Jersey lawmaker is pushing for a new tax designed to fund local arts initiatives.
Assemblyman Raj Mukherji, D-Jersey City, introduced a bill in the New Jersey Legislature last week that would allow municipalities to ask voters to approve an arts tax, a levy that would mirror one that creates a fund for open space and historic landmark projects. Voters in over 200 New Jersey municipalities have approved open space taxes.
Demand for South Jersey Summer Rentals Increases
Leaving you on a warm note, based on early reports from South Jersey Realtors, business indicators point to another strong year for the state’s shore economy. Jersey Shore rentals in Atlantic and Cape May counties generally finish first and second, respectively, in terms of tourism dollars spent, hotels and homes rented, and other spending indicators measured each year.