Hudson Realty Group Update – December 2015 Edition | Hoboken and Jersey City Real Estate


HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
DECEMBER EDITION

          

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HUDSON REALTY GROUP AT HALSTEAD PROPERTY

 

 

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REAL ESTATE AND COMMUNITY NEWS

 

HUDSONREPORTER HOBOKEN: LUXURY CONDOS TO REPLACE 125-YEAR-OLD CHURCH

“In addition, the architect plans to repurpose many of the aspects that make up the Romanesque-style church into the new condos, such as the restoration of existing European architecture and the installation of five or six of the church’s current stained glass windows as “wall art” in the condos’ lobby. “…

 

JERSEYDIGS.COM: NEW 18-STORY TOWER IN THE WORKS AT 321 WARREN ST

“The rather boutique tower will have 180 residential units above 2400 square feet of ground floor retail and a 14,000 square foot black box theater. The top floor of the building will house the residents amenity space featuring a fitness center, lounge and rooftop pool. The plan also calls for 18 parking spaces.”…

 

NEWYORKYIMBY.COM: LEFRAK BREAKS GROUND FOR 43-STORY RESIDENTIAL TOWER IN NEWPORT, JERSEY CITY

“The tower will rise to a height of 444 feet, six inches, the developer told YIMBY. There will be 376 rental units in the 592,800-square-foot project. It will include a retail component, but square footage for residential and retail portions was not available. So, we can’t estimate the average size of the units.”…

 

NJ.COM: PLANS FOR JERSEY CITY TOWER SHOW JOURNAL SQUARE TRANSFORMED

“Plans for the first tower have been given initial OK by city planning officials, while the state has given the project $93 million in tax breaks. One Journal Square will house over 100,000 square feet each of retail and office space. Trendy office space provider WeWork plans to be a tenant.”…

 

JERSEYDIGS.COM: DEMO CREWS MAKE WAY FOR PROVOST SQUARE PHASE II

“Last week demolition crews began disassembling the warehouse at 323-355 Warren Street at the corner of Morgan Street to make way for Phase 2 of Toll Brother’s Provost Square project. Phase 2 includes a second tower that will rise 28 stories around a 7 story base. Very similar in shape and design to tower one, aka The Morgan.”…

 

JERSEYDIGS.COM: HISTORIC SUMMIT AVE GOTHIC CHURCH TO BECOME CONDO COMPLEX

“Formerly St. John’s Episcopal Church, a new condo project was recently approved by the zoning board that will restore the existing church exterior and convert the interiors into 9 condo units. Two new buildings will also be constructed adjacent to the church and house 38 units. The new complex will be known as Hill Top View and is located…”

 

NJBIZ.COM: FULOP: STATE PLAN TO COMMERCIALLY DEVELOP LIBERTY STATE PARK WILL DESTROY IT

“Jersey City, Hudson County and New Jersey as a whole are among the most densely populated areas in the country,” said Fulop. “We should value and protect our park space more than anyone. An attack on Liberty State Park like this is really an attack on the quality of life for all residents.”…

 

 

NJ.COM: FEDS AGREE TO FUND HALF OF NEW HUDSON RAIL TUNNELS , BOOKER SAYS

“The Gateway project would include two new tunnels under the Hudson River to augment the existing two 105-year-old Amtrak tunnels which NJ Transit also uses for all trains going into New York. The project would also include constructing two new tracks between Newark and New York for a total of four tracks. Amtrak estimates the earliest the new tunnels could be in service would be 2030.”…

 

NJ.COM: N.J LOOKING INTO WHETHER TO FORCE JERSEY CITY REVAL

“Jersey City could be forced to perform its first citywide property revaluation since 1988, with state treasury officials announcing today they are investigating whether the city’s properties are uniformly and fairly assessed.”…

 

HOBOKENNJ.ORG: INVITATION TO FLOOD RESILIENCY DROP-IN SESSIONS

“Based on screening criteria and feedback from the community, the five proposed concepts will be reduced to three for further evaluation. An additional meeting will be scheduled in January to go over the three concepts. Any resident who would like to provide feedback can also email comments to rbd-hudsonriver@dep.nj.gov.”…

 

HALSTEAD PROPERTY FALL / WINTER PORTFOLIO MAGAZINE

 

 

MORTGAGE RATES

 

BANKRATE.COM: MORTGAGES BLIP UPWARD AS FEDS ENACTS RATE INCREASE
Rates: 4.09% (30-yr fixed) 3.34% (15-yr fixed)

“November housing starts came in at an annual rate of 1.173 million, which is 10.5% higher than October, according to data released Wednesday from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Last month’s rate is 16.5% above the same period in 2014.”…

 

HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT

 

 


  
M
ARKET RECAP
   

Sales volume and prices surged within Hoboken and Jersey City’s residential real estate market over the 1st half of 2015.  A total of $606M in residential sales closed over the first 6 months of the year, up almost 18% over the same period last year.  Bidding wars were more the norm than the exception due to starting the year with inventory at all time lows, no increase in the quantity of properties listed for sale combined with strong demand from buyers.  On average properties spent only 30 days on the market with many of them going into contract after the first week on the market.  Pricing continued to rise, setting all-time record average sales prices and price per square foot for all property types. Brooklyn (Brooklyn Heights/Carroll Gardens/Cobble Hill/Columbia Street Waterfront/Dumbo/Red Hook) condo values at average price points are roughly 100% more than those in Hoboken and Jersey City ($1.26M vs $650k), Metro NJ continues to offer tremendous value, even at record price levels…<continiued in report>

 

 

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Peter Cossio      Clare Cossio      Lindsey Brown     Matt Brown

 

Hudson Realty Group at Halstead Property

  

hudsonrealtygroup@halstead.com

 
201.478.6709

 

                
 

 

DISCLAIMER: ©2015 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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