Hoboken Real Estate: Creating a Trickle-Down Market?

Is Hoboken’s real estate market providing an unexpected benefit to its neighbors?

In a NJ.com report, Kearny Mayor Al Santos stated that the popularity - and price - of nearby cities like Hoboken have created a trickle-down effect in his town:

“Many businesses and residents are now getting priced out of those areas, so the developers are looking for new locations,” Santos said, adding that real estate values have risen dramatically in West Hudson. “The rents here are still high, but the levels are lower than in those areas.”

A pair of prospective renters – pregnant with their first child – told NorthJersey.com that they ultimately chose The Lenox, a luxury condominium in Union City, because of its likeness to Hoboken and Jersey City.

Kelly Marzullo, director of Marketing for The Lenox, stated in the report:

“The revitalization of cities such as Hoboken and Jersey City has created an escalating housing market that’s pushing homebuyers west.”

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