A mixed bag.
Overall, that is the bottom-line take of a Monmouth University professor who focuses closely on real estate realities in the New Jersey residential and commercial sectors.
On the one hand, notes Peter S. Reinhart, both the housing market and the real estate market for businesses face distinct and multiple challenges. At the same time, though, select participants in each sphere have clear opportunities before them that can be exploited for material profit.
One key issue for the residential housing market is new state law that caps property deduction caps for homeowners at $10,000. Reinhart notes that many property owners across the state already pay well more than that annually. The cap could dampen home buying activity, he states, and swing the pendulum toward renting. In turn, that could create opportunities for some businesses to purchase or upgrade rental communities with an eye toward increased future profits.
A central takeaway in Reinhart’s analysis is that there is little commonality among communities when it comes to evaluating property values, development opportunities and future prospects.
That is, some New Jersey towns and municipalities will continue to struggle comparatively because they lack some important attributes possessed by so-called “strong market towns.” And those latter locations will consistently thrive because of their “market-favored locations, good school system reputations and proximity to mass transit.”
In summary, New Jersey real estate is a fluid and complex mixture of challenge and opportunity for myriad participants in differing sectors ranging from commercial retail and industrial use to residential home buying/selling and apartment rentals.
Proven New Jersey real estate attorneys who routinely represent diverse clients across a wide universe of property-related concerns fully appreciate that. Moreover, they stand ready to candidly advise and fully promote the interests of every client who needs help on a real estate matter.