North Jersey counties continue to dominate the real estate market, according to Livingston-based brokerage firm Gebroe-Hammer Associates, which reports $340.5 million in sales across 23 deals to close out the first three months of 2018.
With a total of 2,438 units sold during the quarter, the firm had the highest concentration of sales in Hudson and Essex counties, which continue to be hotbeds for development and revitalization.
“Millennials and baby boomers, not to mention the Great Recession, have shifted the dynamics of residential living even further toward rentals,” Gebroe Hammer President Ken Uranowitz said. “From a lack of home affordability and family formation, to an aging population exiting single-family home ownership … multi-family properties have remained atop the food chain of real estate investment.”
More than 1,400 units were sold in Union City, Hoboken, Jersey City and Bayonne.
“Hudson County is showing it has lasting appeal beyond its waterfront as high-end development creeps inland, rendering existing properties primed for capital improvements and repositioning even more attractive when it comes to both tenants and investors,” Gebroe-Hammer Senior Vice President Nicholas Nicolaou said.
Similar market fundamentals are on the uptick in Newark and East Orange, both of which are midstream in a renaissance that is gaining momentum.