Published on Saturday, December 19, 2015 by Land Century
If you go to the southern portion of the state, youll find farms and lots of acreage. In the north, youll find busy cities, such as Elizabeth, and farms in Flemington, New Jersey. The entire East Coast of the state is surrounded by beautiful ocean waters. In the northern region, youll also find homes that are overlooking the bay and have the beautiful bridges of New York in their sites. A very diverse state, youll find that theres a lot of land for sale in New Jersey.
Market is Set to Boom
People that live in the Northeast routinely pay higher prices for homes. The market fizzled out when the crash occurred, and has been slow to return. In May 2015, NJ.com released a post that indicated that more homes are being sold than in the prior year.
Real estate professionals further stated that the trend of a strong housing market in the state is not expected to slow down in the near future. Median home sale prices in the state rose for single-family properties, condos, townhouses and adult communities up to $270,000 in April. This is a 4.2% increase over the previous year, and new listings and sales are being made every day.
New Jerseys markets are set to boom with the addition of millennials buying homes. And theres something that new buyers want more than ever before: land. New Jersey was once known for its farms and green pastures, but the state has quickly grown. New construction has become the norm for many small cities, and finding land has become increasingly difficult.
There are two reasons for this:
* Investors are gobbling up land
* Owners hold onto their land as an investment
Many landowners in New Jersey are reluctant to give up their land; they want to hold onto a piece of the states history. And this means that now is the perfect time to buy land in the state of New Jersey.
The Wealthy Are Moving Away
Its no secret that the property taxes in New Jersey are astronomical. Many people will pay between $5,000 and $10,000+ a year in property taxes in the state. This has forced many rich residents to leave the state.
I must state that inheritance tax and estate tax are also major reasons that people are leaving the state of New Jersey.
But while these people are leaving, land availability is greater as a result. Youll be able to find several big lots of land for sale , and if you build them up, you can make a lot of money in the process.
In the state of New Jersey, you want to make sure that you have a plan for this land because property taxes are so high. You have several options, including:
* Building a home on the property
* Building a home and renting it (the prices are high)
* Farming the land
Land must be profitable when it is owned, and you dont want to go too far into the red by having to pay high property taxes. If you plan properly, youll find some of your best returns on your investment in the state of New Jersey. There are a lot of opportunities now to buy land in the state, and if you have the right vision for the land, youll make a lot of money in the process.
A few of the recent properties for sale are:
* 110 acres with 40 single-family home approval for $1.85 million in cash. The land is mostly wooded, and resides in Warren County.
* A .25-acre lot Atlantic County recently sold for $5,000.
Being the most densely populated state in the country, owning land for even 10 years will provide you with an exceptional return on your investment. But as we mentioned earlier, you need to be cautious about the property taxes. This can easily be alleviated by renting out a home, or building a home and selling it.
Rental prices in the state of New Jersey are as follows:
* Median rental homes bring in rent of $1,171 per month.
* Average rental homes in New Jersey rent for $1,194 a month.
* Rental vacancy as of 2013 was just 6.18%, lower than the national average of 6.49%.
Interestingly, this is the second lowest amount of vacancy the state of New Jersey has experienced since before 2005. In 2012, vacancy was 5.96% in the state. When a person owns a rental property in the state, this accounts for 20.03% of total income.
Popular Areas to Buy in New Jersey
There are several counties in the state that are very popular for land. Youll want to look in the following counties the the best opportunities:
Monmouth and Ocean County: Very close to each other, these counties have little bit of everything. Youll find oceanfront property, which sells for astronomical prices, and property inland that includes farmland, residential and commercial properties.
Camden County: Next to Atlantic City, and a large county in the south of New Jersey. Camden County has cheaper home prices in general, and has the benefit of being next to Atlantic City.
Bergen: Is the most populated county and state, and house prices reflect this. There over 900,000 people living in Bergen County alone.
Middlesex: The county of Middlesex is the second most populated county with over 800,000 people living in it. This is a great county if you're looking for moderately priced plots of land.
New Jersey is an oasis and a popular tourist destination in the summer. When looking to buy land in the state, you want to look on the eastern coast for higher price properties, and more to the west of the state for cheaper properties. The south has a lot of farmland, while the north is very close to New York, which is perfect for commuters.