This luxurious N.J. penthouse could break a record. It’s going for $4.6M
The low inventory, low interest rates and high demand in the residential real estate market caused prices to jump 11% in 2020. From 2013 through 2019 home prices increased about 3% each year, according to Jeffrey Otteau, a real estate economist and President of the Otteau Group.
These are the N.J. counties that saw the biggest spikes, dips in homes sales
Over the last 20 years, the rural markets “were crippled because they were just far and the trend was to live in places that were more convenient,” Jeffrey Otteau said. “We’re seeing a reversal of that.”
The housing market is hot for many reasons. Millenials are one of them.
“We’ve seen a record level of home purchases in the midst of the most severe economic recession in a century,” said Jeffrey Otteau, a real estate economist and President of the Otteau Group, a Real Estate Valuation & Consultant Company. “That’s quite extraordinary because historically it has never happened before.”
Suburban Home Sales Soar in the New York Region
Jeffrey Otteau, the president of the Otteau Valuation Group, based in Matawan, N.J., agreed that once-depressed urban areas would recover. “I don’t think anyone expected people would leave the city,” he said, “and never come back.”
NJ Retail, Office Space Vacancy Continues to Grow as Covid Drags On
According to Otteau Valuation Group, based in Matawan, retail space vacancy (including restaurants) in New Jersey is up by 4 million square feet compared to the beginning of 2020. The same goes for office space throughout the state.
ROI-NJ Presents the 2020 ROI Influencers: Real Estate List
Jeff Otteau, no one does what he does better. It's as simple as that. Otteau is the go-to source for evaluation and analysis needed to show any project is worth doing- or not worth doing.
10 Jersey Towns with Soaring Home Sales
Sale contracts were up 37 percent statewide in July 2020 over July 2019, with gains in all counties, according to an analysis by the Otteau Group.
Does Taxing the Wealthy Really Drive Them Away?
If and when the nation brings the coronavirus under control, the state’s millionaires’ tax will become part of the calculus for wealthy buyers deciding whether to move back to New York City, according to Jeffrey Otteau, president of the Otteau Group.
New Apartments in the Suburbs Attract New Yorkers
Until the pandemic, Hudson County, which includes Hoboken and Jersey City, was the top-performing real estate market in the state, according to Jeffrey Otteau, president and founder of Otteau Group, a real estate analytics and appraisal firm. But demand for condos, a popular market in this part of New Jersey, dropped by 13% in August compared to the same period last year.
New Yorkers Are Fleeing to the Suburbs: ‘The Demand Is Insane’
“The demand has to come from somewhere, and we think most of that is coming from New York City,” Mr. Otteau said. “In some ways, this looks to me like the 1960s and 1970s, when there was a large outflow of the population pushing into the suburbs.”
