Is NJ still the teardown capital in this economy?
The New York Times reports that NJ is still the teardown capital of the U.S., but that the weakening economy may be an unexpected help in slowing down the trend.
According to the Times: “We’re seeing a slowdown across the board,” said John Barba, vice president of the classics division of K. Hovnanian, the largest home builder in New Jersey. “Some markets are doing better than others, but we’re definitely feeling the effects of Wall Street.”
K. Hovnanian Classics was formed three years ago to focus exclusively on buying houses in upscale communities like Summit, Morris Township and Chatham and razing them to build more luxurious homes.
The problem remains accute in New Jersey; go to our recent blog post about Tools to help combat teardowns in your community.