Hudson Realty Group Update – 2014 Holiday Edition | Hoboken and Jersey City Real Estate


HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
NOVEMBER 2014 EDITION

 

YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE
   

HALSTEAD PROPERTY TUMBLR

 

 

MORTGAGE RATES

 

BANKRATE.COM: MORTGAGES HOLD STEADY AFTER 3-WEEK RISE
Rates: 4.15%(30-year fixed)

     
“The benchmark 30-year fixed-rate mortgage fell to 4.13 percent from 4.14 percent last week, according to the Bankrate.com national survey of large lenders. One year ago, that rate was 4.48 percent. Four weeks ago, it was 4.01 percent. The mortgages in this week’s survey had an average total of 0.27 discount and origination points.”…

 

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REAL ESTATE AND COMMUNITY NEWS

 

THEREALDEAL: ONE WTC GETS BACK TO WORK

“On April 26, 2006, ground broke on what has become one of New York City’s — and for that matter, the world’s — most symbolic skyscrapers. Seven years later, on May 10, 2013, the building was topped off with a 408-foot spire, making it the tallest building in the Western Hemisphere. Today, One World Trade Center gets back to work. The first wave of Condé Nast employees moved into the $3.8 billion office tower…”

 

THENEWYORKTIMES: CONDE NAST MOVES INTO THE WORLD TRADE CENTER AS LOWER MANHATTAN IS REMADE

“Technology firms, advertising agencies and media companies have moved downtown as the number of financial institutions has declined. Luxury retailers, like Brooks Brothers, Saks Fifth Avenue, Salvatore Ferragamo and Tiffany & Company, have opened shops. The residential population has swelled to 61,000 from practically nothing.”…

 

HUDSONREPORTER HOBOKEN: DEVELOPMENT ON THE RAILYARD AT CITY’S SOUTHERN BORDER
“NJ Transit and its developer LCOR will be permitted to build up to 2.3 million square feet of new mixed-use development, with the highest buildings up to 24 stories or 330 feet, under the final draft of the city’s proposal for the Hoboken Yards Redevelopment Area. The plan covers 36 acres of railyards and land owned by NJ Transit near the Erie Lackawanna Terminal along the city’s southern border with Jersey City.”…

 

HUDSONREPORTER HOBOKEN: RAIL YARD DEVELOPMENT MOVES FORWARD
“In light of the rail yards’ flood-prone context, the Redevelopment Plan would require that NJ Transit comply with Hoboken’s Flood Damage Prevention Ordinance, which mandates that utilities and elevator machinery be elevated above projected 100-year flood levels in all new buildings. Mayor Dawn Zimmer, who supports the plan, said in an interview last week that it would also not allow residential units on the ground floor.”…

 

HUDSONREPORTER HOBOKEN: FREEHOLDERS UPHOLD REJECTION OF WATERFRONT DEVELOPMENT
“The Board of Freeholders voted Tuesday to uphold a 2012 decision by the Hudson County Planning Board to reject a plan to build two 11-story residential towers on a pier on the northeast corner of Hoboken. The ruling will prevent Shipyard Associates LP from moving forward with construction of its Monarch at Shipyard project for the time being, although the freeholders’ ruling…”

 

HUDSONREPORTER HOBOKEN: ANOTHER REVAL!

“The city says it is seeking reassessment because the true value of Hoboken’s total real estate as of Oct. 1 is already 12 percent higher on average than the total value calculated in last year’s revaluation, according to calculations made by the New Jersey Division of Taxation.”…

 

NJ.COM: JERSEY CITY, HOBOKEN RESTAURANTS AMONG NJ.’S 10 ‘POWER RESTAURANTS’: INSIDE JERSEY

“Local favorites that made the list include Cucharamama, 233 Clinton St., Hoboken, led by renowned chef Maricel Presilla, which whisks diners away to Latin America. Also mentioned are her unassuming Cuban restaurant Zafra, just a few steps from its more famous sister, and her bakery, Ultramarinos, tucked away on Third Street.”…

 

HUDSONREPORTER JERSEY CITY: A BIG CHANGE FOR JOURNAL SQUARE

“The development is adjacent to the Journal Square PATH Station and will be comprised of 1,838 rental residences and 36,000 square feet of retail space, in three towers of 53, 60, and 70 stories tall. When completed, the 70-story tower will be the tallest residential building in the state.”…

 

THEREALDEAL: FORT LEE GOES UPSCALE
“The new projects — one dubbed the Modern, the other called Hudson Lights — will add nearly 1,400 rental units to the area where surrounding apartments weigh heavily toward older co-ops and condos. These projects will also offer the kinds of amenities associated with new construction buildings in Manhattan.“It’s unprecedented in terms of scope,” said Allen Goldman of SJP Properties, which is developing the Modern and began marketing the project’s first 450-unit tower last month. “It’s really a unique product in so…”

 

THENEWYORKTIMES: IN SEARCH OF TOWNHOUSE DEALS
“Townhouses are a niche in the luxury market, representing a small fraction of the city’s housing stock. This is especially true on the Upper West Side, where there are roughly 1,600 townhouses, compared with nearly double that number on the Upper East Side, according to Dexter Guerrieri, the president of the brokerage firm Vandenberg, the Townhouse Experts. But as more families stay…”

 

HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT

 

 


1H2014 MARKET RECAP

 

The residential real estate market’s upward trajectory that carried pricing above pre-financial meltdown price points in 2013, continued it’s climb during the first half of 2014, setting all time high condos and townhomes prices in both Hoboken and Downtown Jersey City. In spite of these record numbers Metro NJ is still selling at a substantial discount to Northern Brooklyn where the average condo sales prices also hit highs averaging $1,534,701, 2.6 times higher than averages seen in Hoboken and Downtown Jersey City.  The average price/SF in Northern Brooklyn was 1049, approximately 78-82% higher than Hoboken and Downtown Jersey City.

 

For the first time since 2004, when we started tracking Hoboken and Downtown Jersey City pricing,  average condo prices and average price per square foot in Downtown Jersey City surpassed what was realized in Hoboken.  This was due to the number of luxury doorman buildings built in Jersey City between 2004 and 2008 that were on the resale market. In Jersey City this type of luxury inventory exceeds the current inventory  in Hoboken.  In both Hoboken and Downtown Jersey City demand continued to outweigh supply which made multiple bid situations commonplace throughout the area.

  

The red-hot townhome market saw prices increasing 21.8% in Hoboken to $1,592,465 and increasing 6.6% in Downtown Jersey City to $930,320, compared to the same period a year ago.  Supply remained tight which caused listings to sell quickly (32-42 days on the market) and often with several offers. Townhomes in Jersey City sold for an average of 1.1% over asking and townhomes in Hoboken sold for an average of 0.1% under asking.

 

Looking ahead to the 2nd half of 2014, we anticipate property values will continue to rise due to solid demand combined with  a lack of inventory and the  absence of new condo development coming online in the near future.  Considering the recent increase in property values, we also expect to see an increasing volume of activity now that homeowners that purchased in 2005-2007 have regained lost equity and many sellers that purchased during the downturn of 2009-2012 are now able realize a profit.

 

 

Thanks for reading our newsletter! 

 

Please don’t hesitate to contact us if you have any questions, comments or concerns.

 Peter Cossio    Clare Cossio    Lindsey Brown     Matt Brown

 

Hudson Realty Group at Halstead Property

  

hudsonrealtygroup@halstead.com

 
201.478.6709

 

                
 

 

DISCLAIMER: ©2014 by Hudson Realty Group at Halstead Property New Jersey LLC.  All Rights Reserved.  This mail is for the named addressees only.  If you are not the intended recipient, please delete it from your files.  All information is from sources deemed reliable but is subject to errors, omissions, change of price, prior sale or withdrawal without notice.  No representation is made as to accuracy of any description.  All measurements and square footage are approximate and all information should be confirmed by customer.  Halstead Property and Hudson Realty Group do not represent the sale of the new construction developments highlighted in this newsletter.  All rights to content, photographs and graphics reserved to Broker.  This information may not be copied, commercially used or distributed without Halstead Property’s prior consent. 

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