Now that it is public knowledge that the real estate market is FIRMLY down, I wonder how many of the approved projects will get built
Looking at the previous posts, I see that includes Linden Street near Anderson (cleared, but no new construction), Second & Berry Street (cleared, but no new construction), and Jackson & Frederick (cleared, but no new construction), First Street near Essex (vacant foundation from the 1980's, recently approved for condos, but no construction), and several condo projects on River Street. Right now, nothing residential is getting built except the 17 units on Myer Street.
It looks like real estate runs in a 17 year cycle. It was hottest in 2004, then previously in 1987, then 1971, and then 1954. The mid-1950's brought us hundreds of suburban houses and hundreds of garden apartments, 1971 and 1972 brought us half of the high-rises on Prospect and Overlook Avenues, and who could forget the boom of the mid-80's, which culminated in 1987 and 1988.
let's see, what happened last time real estate tanked. Well, the boom peaked in 1987, and by late 1989 the boom was clearly over. There were condo projects planned for River Street, and they were never built. By 1994, real estate was deader than dead. Houses in Hackensack lost 40% of their 1987 value, and condo's averaged 60% down. If a single house was built, that was big news. it was so bad that people thought that multi-unit building would NEVER again be built in Hackensack. By 1997, it was warming slightly, and plots of land that were vacant for 10 years and previously approved for multi-unit were instead being built for one and two family houses (Ross & Linden, Passaic & Clarendon). In 1998, someone decided to build two 4-unit condos not far from the Fairmount School, and it was a giant shock that anyone would build multi-unit in Hackensack.
Well, if the real estate cycle holds to form, real estate will again be deader than dead in 2011, and we'll again have the problem of vacant development sites. It may begin building up again by 2014, and be red-hot by 2021. Now, if I can beg, borrow, plunder, embezzle, and steal enough money by 2011, I'll be in the right position to buy real estate !!!!
And what about that 300-unit Transit Village proposed for Zabriskie Street. Well, at the rate the County is progressing with moving the County Police to South River Street, the Transit Village won't break ground for another 10 years. So they might as well proceed with the project. The market will be starting to heat up by then.