The skyline is changing. For once, however, this statement is not regarding Manhattan’s.
Indeed, to the west, North Jersey experiences its own transformation. Commuters have long fueled the real estate growth of places like Jersey City and Hoboken, and that growth is reaching new heights—literally. In January 2015, Jersey City Mayor Steven Fulop announced that a Chinese developer is planning to construct a 95-story condo tower on the waterfront overlooking lower Manhattan. It will be the tallest building in the state of New Jersey. Not the tallest residential building…the tallest building.
While the name of the game in real estate has always been location, luxury and amenities are coming in as close seconds. Empty-nesters and young professionals priced out of the city are looking to get a deal on units that still look and feel as high-end as anything in Manhattan.
Investors around the world also consider buying a condo unit in New York City one of the shrewdest ways to stash some money in the US, and make a nice return. That same international clientele is starting to look west to places like Jersey City, and developers are accommodating with new construction…much of it on a grand scale.
With all this new action, the number of condo boards that oversee hundreds of units, or even 1,000 or more, has increased. Condo communities of that size were not very common in New Jersey a few years ago, but one look at the west side of the Hudson shows the change that's taking place right in front of our eyes. Governing a community of that size isn't easy and boards in bigger buildings and HOAs face distinct challenges.