North Jersey poised to become one of U.S.’s hottest real estate markets in 2021, survey says

With well documented reports of people moving out of the crowded Northeastern cities and towns, an annual survey of real estate industry professionals predicts Northern New Jersey could be the country’s fourteenth hottest market in 2021.



a group of people sitting on top of a building: Thursday, October 15, 2020 - The ribbon is cut as the Trenton Housing Authority and Conifer Realty celebrate the completion of Turner Pointe, a new affordable family rental community located in North Trenton. HUD Regional Administrator for New York and New Jersey Lynne Patton also presented a ceremonial check for $6,047,038 to Mayor Gusciora representing the amount of aid Trenton receives under the CARES Act.


© Michael Mancuso | NJ Advance Media for NJ.com/Michael Mancuso | NJ Advance Media for NJ.com/nj.com/T…
Thursday, October 15, 2020 – The ribbon is cut as the Trenton Housing Authority and Conifer Realty celebrate the completion of Turner Pointe, a new affordable family rental community located in North Trenton. HUD Regional Administrator for New York and New Jersey Lynne Patton also presented a ceremonial check for $6,047,038 to Mayor Gusciora representing the amount of aid Trenton receives under the CARES Act.

The Urban Land Institute’s Emerging Trends in Real Estate 2021 also gave North Jersey real estate high rankings in other categories, in some cases beating out New York, its outer boroughs and Long

Read More

Commercial-Property Foreclosures Are Poised to Rise as Covid-19 Lingers

The coronavirus pandemic came at a bad time for the Burnsville Center mall near Minneapolis. In May,

Macy’s Inc.

said it would close its store. J.C. Penney Co., which also has a store at the mall, filed for bankruptcy.

Owner

CBL & Associates Properties Inc.

risked losing the mall if it stopped making payments on the $63 million mortgage. Instead, the company overseeing

CBL’s

securitized mortgage agreed to defer payments for three months, according to the loan servicer’s commentary collected by data firm Trepp LLC.

But CBL didn’t pay off the loan after three months. Now, Burnsville Center is one of hundreds of properties across the country heading to foreclosure.

CBL didn’t respond to requests for comment.

Lenders, for the most part, were initially happy to grant debt forbearance and hope that the pandemic would end soon. But many now expect the pandemic and its aftereffects to linger for

Read More