Though I see a lot of wishful thinking to the contrary, Jersey City and Hoboken have not been immune to the housing bubble. There are plenty of cases of new construction selling for just over $400 a square foot (washington common, zephyr lofts, and the sky club are good examples).

Let's face it folks, there is still a lot of air to be let out of the housing bubble. If you don't think there is an issue. then clearly you haven't tried to buy or sell a condo lately. Take a look at craigslist and see how far prices have retreated.

Prices here are fine and still much higher than they were 5 years ago. People have been predicting the worst for years now and it hasnt happend.