From the Edison battery factory and new high-end stores opening up on Main Street to Essex Green Shopping Center additions such as LA Fitness and a new Cambria Suites hotel opening soon behind the Courtyard Marriot, it appears that the town’s commercial areas are beginning to perk up.
Also opening this past year is the City Workshop Men’s Supply Company on Main St, and a new high-end bakery and chocolatier will soon be opening on Main Street along with the Diamond Cuts Salon & Spa on Prospect Avenue. A new diner will be moving in where the old Eagle Rock Diner used to be.
This growth in business interest in West Orange is helping to strengthen the township’s residential real estate market. “Destination downtowns drive housing values in towns,” Mayor Parisi said. “As our downtown improves, every owner of real estate in West Orange will have more equity.”
The greater demand for West Orange residential real estate is reflected by the fact that a much higher percentage of homes under contract in the last year ended up closing, as opposed to the prior 12-month periods.
Average DOM (days on market) are down from approximately 120 days (5 years ago) to 72 days. Many are also going over list.
Average home values are also up across all neighborhoods, especially in the Gregory section which has an easy shuttle to the South Orange and Orange train stations and is attractive for people priced out of South Orange and Maplewood or just looking for more for their mone
The West Orange Downtown Alliance is also playing a part by assisting owners with the permit process, and provides grants to help them get their facade in place.