Not everyone is a believer.
But some are.
And what they collectively project as being a likely outcome of Amazon’s recent decision to establish half of its so-called HQ2 to Long Island is this: a spillover effect that could have beneficial benefits for New Jersey’s residential real estate market.
The competitions involving major municipalities across the country wooing Amazon for the right to be named venue as the online giant’s second headquarters was long and intense. Newark was among the applicants.
It undoubtedly disappoints Garden State business principals, investors and other parties supporting New Jersey’s bid that Amazon ultimately split HQ2 between New York City and the Washington, D.C., locale of Arlington. Some realty experts note, though, that Amazon’s choice could “still be a boon for the New Jersey real estate market.”
One obvious reason why relates to proximity. The online publication North Jersey underscores the NYC area’s “well-developed, expansive public transit network” that can make commuting from select areas of New Jersey to work in Long Island a doable proposition. A Zillow company executive stresses that “a one-hour commute is reasonable for a lot of people.”
And then there is of course the more-bang-for-the-buck factor. As renters and buyers expand their realty search outward from Amazon’s headquarters, they will get more housing and space for their monthly rentals and mortgage payments.
Indeed, those and additional factors can make a New Jersey dwelling search a worthwhile endeavor for many Amazon-linked individuals and families. A proven in-state law firm with a deep knowledge of real estate matters and a strong record of client advocacy can help with all aspects of that process.