Jersey City's Rental Craze

Now unless you've been living under a rock for the past couple of months, you are well aware of America's financial situation as far as credit is concerned. The stock market has been on a nonstop roller coaster ride since the national credit crash regarding the sub-prime mortgage market. Now that the credit crash has occurred, mortgage lenders think twice before handing out money.

We have all seen a price hike in both housing prices and interest rates nation wide. Unfortunately renting has seemed to be a more suitable way for Americans to stabilize their finances.

Unfortunately, people have had to sign away their homes just to pay the bank back. And in some recent cases, the house was just repossessed all together. This is absolutely devastating, I mean beyond belief. I'm pretty sure when buying a house or looking to buy a house, no one thinks of these freak occurrences. To loose a home, your home! Completly unimaginable. Very sad.

Now, on a more possitive note, a new project has been under way for some time now in Jersey City, New Jersey. The new Grove Pointe is a 30 story luxury rental development located downtown. Record shows that out of Grove Pointe's 458 rental units, 140 of them were sold in the first week of sales.

SK Properties Jonathan Kushner is blown away by the amount of interest that Grove Pointe has created. SK Properties has said that the company has received 60 to 75 telephone calls in a single day, on several days for that matter. This has happened all before the advertisements went out to showcase the property. Amazing!

It is said by developers that Jersey City has the strongest housing market in the state of New Jersey.

With prices in Jersey City going for $600 a square foot vs. New York City's $1100 a square foot. Home buyers as well as renters will see themselves saving money living in Jersey City.

All units at Grove Pointe are again (rentals) starting out at around $1600 a month for studios, all units come with most of the amenities that come with the City's luxury condos. Amenities like the following, public lounge, multi level parking garage, pool which is located on the 7th floor. As well as wireless internet services, just to name a few.

The development should be up and running and ready to reciceve tenants before the new year.