Hobokenomics 101: Hoboken’s Power to Draw
Well, the growing unemployment numbers and their subsequent effect on Wall Street recently was not a good one for the global, national, and regional economy. That also equates to more bad news for Hoboken property owners… unless one is looking to start snatching up distressed properties (….I’ll address that strategy in an upcoming piece). One probably suspected from the Lehman bankruptcy 3Q last year this would not be an easy or quick recovery. Although there have been some bright spots, there still isn’t a sense of a full-blown bottoming out, which is disappointing to even the most bullish of people. All things considered- it could have been a totally downbeat week….
But alas, our recent 4th of July – (as this website copiously covered) – the Macy’s Fireworks were on “our” side of the River. From my view the entire day was a total showcase of all that is positive about this area- and its ability to be one of the first places to benefit from the inevitable favorable shift in the economic winds.
As a little background, I was fortunate in that I have a friend who lives in an east-facing unit at The Doric – the big alabaster monolith on top of the cliff along the western border of Hoboken- which was a perfect perch to enjoy the show.
Sure- the people on the piers and on the boats had an unbelievable view as well, but being on a high floor on a high cliff with nothing in front was like having an opera box reserved for the event taking in the whole panorama. The Doric has one of the best views of the area, and that was taken advantage of by NBC 4 who set up a camera crew on the roof. Since traffic was still pretty thick hours afterwards, I walked back to Hoboken- going down the Light Rail Elevator and straight east up 9th Street.
The event itself plus the stroll back home afterward put me in a much better mindset- mostly because of three things I observed.
See what the “three” were – after the jump!