Saturday, October 12, 2013

Weehawken NJ: The Lay of the Land and Real Estate Market

Weehawken is a township in Hudson County totaling 1.5 square miles in size. Its close proximity to New York is why it is considered part of the New York metropolitan area. Manhattan can easily be reached through the nearby Lincoln Tunnel or the Hudson-Bergen Light Rail station that provides service to Port Imperial and Lincoln Harbor with ferries running to Manhattan. The Light Rail also runs to Hoboken Terminal where commuters can transfer to the PATH train offering a quick train ride to lower or midtown Manhattan.

Weehawken overlooks midtown Manhattan as it is along the western shore of the Hudson River, and the south end of the New Jersey Palisades. Weehawken Cove is in the southeast corner and boarders Hoboken, and its north boundary is shared with West New York. Boulevard East is a scenic street running along the Hudson River with an amazing view of the New York skyline.

Weehawken's main commercial district is located along Park Avenue which boarders Union City. There are also small shops and commercial facilities scattered throughout the town. There are townhouses and office buildings constructed along the Hudson River. Zoning laws in Weehawken prohibit building high rises that would obstruct the views from established buildings.

Weehawken's residential areas are divided into four neighborhoods, Downtown, The Heights, Uptown and The Waterfront.

The latest data on the local Weehawken NJ real estate market are a bit more encouraging than that of most of the national housing market.

While most major markets around the country have slipped into a "double dip" in home prices at the start of 2011, the median home sale price for Weehawken NJ for the three months ended February was $525,000, or 1.0% higher than the same period one year ago.

The median listing price for the 99 Weehawken NJ homes for sale is currently at $720,742 as of March 2.

Though far outstripping the median sales price, this level is 2.3% below the average listing price this same time last year.

Bottom line? The combination of still reasonable price levels, very low mortgage rates by historical standards and the steadily improving macroeconomy makes this an increasingly opportune time for investors or homeowners to step into the market.

Whether a longtime tri-state area resident or someone looking to relocate to the New York metro area, Weehawken is an affordable and livable option with access to all that the city of New York has to offer.

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