Isaac Toussie and Tri-State Real Estate
I, Isaac Toussie, would like to offer some thoughts and basic information on the Tri-State real estate market in particular.
No money down? No income? No assets, no credit – no problem! Thus proclaimed many an ad in New York City during the economic heydays of the previous decade, when a mortgage shell-game was played whereby bad loans were repackaged as sound investments sold to unsuspecting institutions which never undertook the due diligence to thoroughly screen for risk. This ploy was practiced, unfortunately, not only in New York but throughout the whole country, as people who could never afford a home were encouraged to go into debt they could never repay just so they could finally, actually buy one! Even more astonishingly, the impetus for such ploys was provided by none other than the United States government itself as an unexpected consequence of muddle-headed policies.
The recent history of New Jersey real estate is intimately bound up with the economic fate of New York City right across the river. Though possessing its own independent industries, much of the state’s economic life simply depends on what’s going on in New York. Indeed, much of the growth in many a New Jersey town, such as the ones along its northeastern shore like Fort Lee and Jersey City, has been fueled by economic refugees from New York City seeking cheaper versions of the American Dream. New Jersey real estate can certainly survive without New York, but it’s unlikely to truly flourish without that powerhouse on the Hudson.
Residential real estate in Connecticut has not been the subject of speculative investment such as had occurred in places like Florida and Nevada, so inventory remains level and there is not a lot of new construction to be found, particularly with credit lines so much more tightened now in these economically tumultuous times. Commercial real estate has fared better, with rosier opportunities in spite of the current crisis. The picture for new construction is a little better in the commercial real estate market, but the short-term prognosis seems to be stagnation, basically.
The content of this article has been posted strictly for informational and human interest purposes only, not for advisory purposes, and should not be relied upon in any way by any person or institution. The reader should not rely on the validity of any of the information contained herein. The reader is urged to consult a variety of professionals when making business or any other significant decision, including accountants, lawyers, investment advisors, insurance companies and the like. Again, this article has been posted merely for human interest and informational purposes, not for advisory purposes.