urban real estate boom and bust - historical precedents?

xpost If you move into the coming Trump tower or a lot of the other coming buildings, your "neighborhood" is actually pretty hoity-toity by now. The Newport/Pavonia and Exchange Place neighborhoods -- pretty much the whole waterfront -- are all new construction high rises, upscale bars and restaurants, chain shopping etc. The area is getting a bit like the newer parts of Arlington/Alexandria for anyone who's been there -- City Lite(tm) across the river from a real city.

The Beacon, on the other hand, is probably trying to sell itself as an investment (besides being an "affordable" luxury option). Everyone is still crazy to find the "next" downtown Jersey City. But I doubt it's much of an investment at anywhere from $285,000 for a studio to $650,000 for a three bedroom. It's not like the neighborhood's about to get a Whole Foods or even a Starbucks.

Found this old thread and thought it would be interesting to follow up.

http://thebeaconjc.com/floor-plans/

Turns out the development in the OP is at least part rentals now. Very fucking expensive ones! (2BRs range from $2800 - $3500). No idea whether they're actually getting that kind of rent right now or just think they can.

Also I found this:

http://www.nj.com/news/index.ssf/2012/04/once_a_modern_marvel_beacon_in.html

Building was apparently sold. Didn't do so well. Kinda predictable.

And meanwhile, in my old hood:

http://online.wsj.com/article/SB10001424052702304782404577486924234813812.html

The locally well-known semi-illegal artist loft center at 111 first street that was torn down years ago has apparently still not been replaced with the Rem Koolhaas-designed skyscraper that was supposed to go in.

Let's put this here:

https://www.youtube.com/watch?v=_H2xmRseiDw

Dude originally asked $500 million, went bankrupt when no one wanted it, now it's a mere $300 million at auction. Just wtf across the board.

Always amazed at the crap taste of the uber rich - I mean, who would want to live in something that looks like the corporate headquarters of a bank or something?

Apparently no one!