From new luxury homes in Saddle River to town houses in Garfield to rentals in Fort Lee, Elmwood Park, Hackensack and Wood-Ridge, North Jersey is seeing small signs of life in the deeply troubled housing construction industry.
After bumping along at near 40-year lows for several years, homebuilding is nowhere near a real recovery yet. But builders are feeling, if not exactly optimistic, a little less pessimistic. While national housing indicators — housing starts, new home sales and builders’ outlook — remain below the levels seen in a healthy market, they’ve risen from their recent lows. And the Standard & Poor’s home builders stock index is up about 70 percent from last fall.
“It’s the first time in four or five years that we’re generating job growth, which is always a driver of housing,” said Carl Goldberg of Roseland Property in Short Hills, which is building the Estuary, a 583-unit luxury rental building in Weehawken, among other projects. READ THE FULL ARTICLE >>>