New condos in N.J. trying to draw buyers from Gold Coast

At one time, New Jersey’s so-called Gold Coast tried to draw buyers priced out of New York City. Now, condo projects in other New Jersey towns are trying to attract buyers priced out of homes along the Jersey waterfront, and those looking to settle down in more suburban areas. At new condos like the Avenue in South Orange, 40 Park in Morristown and Altessa in Union City, marketers say they are seeking buyers priced out of the Jersey waterfront and who may want different types of amenities, like a highly rated suburban school system and parking spaces. Marketers are advertising on commuter buses and trains, emphasizing that buying a home elsewhere in New Jersey is cheaper than renting in popular areas like Hoboken or Jersey City.

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