Hudson Realty Group Update – May 2016 Edition | Hoboken and Jersey City Real Estate


HUDSON REALTY GROUP’S
 

MONTHLY REAL ESTATE UPDATE

      
MAY 2016 EDITION

          

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COMMUNITY EVENT

 

“Get Your Game On: Support Education in Our Community” 
   
Swing Fore The Schools Golf Outing – 2016


The 2016 Swing Fore the Schools Golf Outing is
celebrating their 6th year! 

Held at the incomparable Crystal Springs Resort,
Thursday June 2nd at 11am.

Come out and show your support for 6 local schools
in your community: Elysian Charter School, Hoboken
Charter School, Hoboken Dual Language Charter School (HOLA), All Saints Episcopal Day School, Mustard Seed School & Stevens Cooperative School.

         

 

REAL ESTATE AND COMMUNITY NEWS

 

WSJ: IS HOBOKEN HOT? PRICE SETS RECORD

“Hoboken has reached a new benchmark: the sale of a house for $6.5million. The 1854 Limstone house at 504 Hudson St. shattered the record price for a home sold in the city, which was $4.35 million. That earlier sale was in 2015 for a queen Anne style house with a turret a few blocks away”…

 

 

JERSEY CITY DOWNTOWN DEVELOPMENT MAP

“Take a look at the projects coming to all Jersey City neighborhoods. As expected Journal Square isn’t far behind downtown with the amount of projects. Bergen-Lafayette and the Heights have quite a few things happening too. Scroll around the map and see why 2016 will be such a transformative year for Jersey City.”…

 

JERSEYDIGS: WILL LACKAWANNA TERMINAL GET A NEW “EUROPEAN-STYLE” MARKET?

…“on the terminal’s second floor, there’s a sprawling area where artist galleries and a European-style market can flourish; and just outside, a blighted parking lot where food kiosks and green space could naturally coexist.”…

 

JERSEYDIGS: LONG DELAYED HOBOKEN PARK FINALLY MOVES FORWARD

“…a one-acre green space at the intersection of Jackson Street and Paterson Avenue. The park, designed by New York-based Starr Whitehouse, will feature a dog run, passive green space, shade trees, play features for children and a pop-up market…”

 

JERSEYDIGS: 17-19 PERRINE AVE JOINS THE JOURNAL SQUARE DEVELOPMENT RACE

“The project consists of a new 6-story building with 37 residential units. It was designed by Hampton Hill Architecture. Units will range from studio up to two-bedrooms. It falls within the Journal Square 2060 redevelopment plan and is in a neighborhood mixed use area which has no parking requirements. As such, no parking is planned in the building.”…

 

 

HUDSONREPORTER: SINATRA DRIVE WALKWAY CLOSER TO REALITY

“The 1,090-foot long, 10-foot wide path would begin at Sinatra Drive North and run between the existing road and the Dry Dock property. The city tested ideas during Earth Day weekend last month by allowing joggers and cyclists to use the stretch. Barricades and cones separated the designated walkway area.”…

 

NJ.COM:WHOLE FOODS OPENING IN JERSEY CITY LOCATION IN 2020

“Plans are for a 45,000-square-foot Whole Foods Market on the site of Metropolis Towers, at Columbus Drive and Marin Boulevard. That’s more than twice the size of the Whole Foods in Montclair, one of Whole Foods’ 15 New Jersey locations.”…

 

JERSEYDIGS: THREE PROJECTS SEEK TO TRANSFORM HOBOKEN’S CENTER

“After the site is capped, it will be developed in two phases, with Phase One consisting of 12 units and 730 square feet of retail space and Phase Two comprising the remaining 16 units plus a 1,300 square foot storefront.”…

 

HUDSONREPORTER: RUMORS PUT TO REST, TRADER JOES IS COMING TO HOBOKEN

“The chain store is planned for the ground floor of the 140-unit Advance Realty luxury residential development at Willow Avenue and 14th Street at the base of the Viaduct. Jared Minatelli, Director of Asset Management for Advance Realty, told the Reporter at the meeting that the chain store is expected to open this fall.”…

 

 

JERSEYDIGS: JOURNAL SQUARE LOFTS MOVING FORWARD AFTER CITY COUNCIL APPROVES 25-YEAR TAX ABATEMENT

“The adaptive reuse project will restore a 100-year-old building into 40 loft style apartments. Its developer, Hopkins Group, also did Kennedy Lofts that opened last year. The project is expected to create 40 construction jobs along with two permanent real estate jobs.”…

 

JERSEYDIGS: WHEN TOLL BROS FINISHES, HOBOKEN’S EAST SIDE WILL BE FULLY DEVELOPED

“When Toll Brothers completes their final Hudson Tea and Maxwell Place buildings in Hoboken, it will mark somewhat of a milestone for the city. Besides a parcel that the city owns on the waterfront near Hoboken Cove that’s earmarked for a boathouse and park…”

 

HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT

 

   


   
M
ARKET RECAP


The residential real estate market in Hoboken and Downtown Jersey City closed out 2015 continuing the upward trend in sales activity and pricing we have seen over the last 4 years. Since 2011, condo prices have increased 38% (9.5% per year) in Hoboken and 49% Downtown Jersey City (12.4% per year). Over the 2nd half of 2015, inventory remained at all-time low levels with only 1 to 1.5 months of supply. Strong demand resulted in widespread competition for all property types and multiple bids were commonplace resulting a fast paced market with an average selling price very close to asking (46% of condos sold within 2 weeks on the market)….<continued in report>

 

MORTGAGE RATES

 

BANKRATE.COM: MORTGAGES RISE, PUSHED BY POSSIBILITY OF FED RATE INCREASE

“Mortgage rates rose this week after the Federal Reserve again signaled that it might raise the federal funds rate in mid-June. “The markets are building it in, like they usually do, a little earlier on the anticipation of what the Fed is going to do,” Carson says. The Fed doesn’t directly set the mortgage rates homeowners pay, but the federal funds rate is closely watched as an indicator of overall market rates, including those for mortgages.”…

 

 

 

               

 

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