Residential Real Estate

Surrounded by gorgeous land and the bustling city of New York, New Jersey’s spacious properties and architecture have generated an impressive international and local interest. This attention has been largely generated by the state’s blending of culture, celebrity and poise. In addition to the traditional white-picket-fence homes, there are also a number of residential housing options for singles, couples and families across New Jersey.

Co-Op: Since almost the introduction of pre-war buildings and brownstones in the region, cooperatives have been the preferred method of owning upscale apartments in New Jersey. In a co-op situation, an apartment corporation owns the building, with tenants purchasing shares of that building cooperation, entitling them to a space in the building. In addition to their own mortgage, “co-op shareholders” pay a monthly maintenance fee, used for such things as heat, hot water, insurance, staff salaries and the mortgage indebtedness of the building. Shareholders can deduct the building’s underlying mortgage interest and a portion of the building’s real estate taxes from their own personal taxes.

Condominium (Condo): The new buildings going up in and around downtown New Jersey have ushered in the era of the luxury condo, a popular alternative to the co-op or loft. A condo amounts to “real property,” rather than property shares, and the real estate company issues a “deed,” as if the tenant was purchasing a house. While luxury condo-owners pay a maintenance fee similar to that of a co-op member, it tends to be lower. Condo-owners can also finance up to 90 percent of the purchase price and sublease at will.

Townhouses: An alternative to a large home, a townhouse typically consists of four-to-six-story buildings constructed around the turn of the century. These structures are single-family homes or comprise multiple apartment units, usually following considerable renovation. Multi-family townhouses are usually governed by a co-op board and require the same kind of approval process as a standard co-op. New townhouses afford owners a good deal of charm and spacious floor plans, with features such as gardens, fireplaces, and ornamental wood moldings.

For further MLS (Multiple Listing Service) information on Residential Real Estate, please use the New Jersey Real Estate online contact page.