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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