From the New Jersey Market Report: The Gold Coast of New Jersey has gotten so hot for developers in recent years that in many areas near the waterfront there is hardly any land left to go around.
The land grab has pushed prices to record levels in some areas as buyers from around the world swoop in and snag the remaining plots. Developers forced to buy land at higher prices are now planning to build condominiums rather than rentals, a relatively new trend for even the most popular areas of Jersey City in Hudson County. [more]