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Why Buy A Luxury
Home In Northern New Jersey?
For most
luxury home buyers in northern NJ, the simple answer is location and price!
Living in northern New Jersey has distinct advantages like being very close
to New York City, easy access to highways going in every direction, lower
taxes than New York, and plentiful shopping and services close to home. But
often executives who work on Wall Street choose high end homes in New Jersey
for tax and cost reasons. A luxury home in northern New Jersey will cost
only about 50% of a comparable luxury home in New York! Indeed, the New
Jersey real estate market has seen much better value appreciation than New
York has over the last few years.
In terms of
economics, New Jersey features some very impressive statistics. The
population exceeds 8.5 million, the GDP ranks among the top five states in
the United States, and there is substantial international trade activity,
tourism, and massive corporate revenue being generated. Many corporations
maintain headquarters in New Jersey, generating hundreds of thousands of
jobs in the area. Median personal income in New Jersey is ranked second
highest in the U.S after Connecticut, and unemployment is lower than in most
other states. There are many places to eat, shop, play golf, enjoy the arts
and theater, and other recreational activities throughout New Jersey, and
they are easy to get to. Everything is within a range of about one hour’s
drive. There are plenty of wooded, secluded neighborhoods where one can
relax in privacy, in contrast to the stereotypical view of New Jersey as
seen from the NJ Turnpike. Schools and educational institutions in New
Jersey are ranked among the best in the nation.
Northern New Jersey is especially diverse in
its mix of locales and communities. You can choose to live in a luxury
highrise apartment right across the river from Manhattan, or you can own an
8,000 square foot mansion in the foothills of West Orange with views of NYC
shimmering in the distance. Middle class homes in the 1,500 to 4,000 square
foot range exist nearly everywhere in the state. Or you can opt for a new
condo in one of New Jersey’s two thousand condo developments throughout the
state. There is the city of Newark which is a miniature version of New York
City, contrasted by towns like Lincoln Park and Denville with their suburban
luxe locales, cafes, and rolling hills with tree-lined roads as far as the
eye can see.
Northern New Jersey is generally thought to
consist of Bergen County, Essex County, Morris County, Somerset County,
Warren County, Passaic County, Union County, Hudson County, and Sussex
County. For the luxury home buyer, there are fine high end homes in every
one of these counties. The prices tend to be highest closer to Manhattan,
but there is a significant sweet spot for luxury homes halfway across
northern New Jersey in Morris County, Essex County, and Somerset County.
There is still room for new homes to be built in these counties, as opposed
to Bergen or Hudson Counties, and there is plenty of economic activity in
this part of the state to drive the continuing growth and development.
Indeed, for buyers of luxury homes, New Jersey continues to be an enticing
and enchanting place to buy a home.
To learn
more information about the state of New Jersey, log on to
http://www.state.nj.us/ today, or check out our
local New Jersey links pages! |
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