HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
JANUARY 2014 EDITION

YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE

HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT

2H2013 MARKET RECAP

Hoboken and Downtown Jersey City prices have continued their upward trajectory and have now exceeded previous rec-ord highs achieved before the financial collapse of late 2008. After several years of relatively stagnant pricing, 2013 brought a surge in condo pricing of 10-11% over prices seen just a year before. In 2013, the average price for a Hoboken condo was $572,000, up 15% from 2010 and in Downtown Jersey City, the average condo price in 2013 was $541,000, up 22% from the low in 2009. Driven by a recovering economy, low interest rates and a general consensus that prices are on the rise, buyers often found themselves competing for choice properties and paying above the seller’s asking price.

Multiple offer situations were also commonplace in the townhome market, driving pricing up and leaving many buyers without a property at the end of the year. 2013 average townhome pricing in Hoboken was $1,232,000, up 16% from 2009 lows and Downtown Jersey City townhome prices increased a dramatic 41% from 2009 to 2013.

Looking ahead to 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 in-crease in property values, we also expect to see an increased volume of activity in 2014 now that homeowners that pur-chased in 2005-2007 are regaining equity in their properties.

HALSTEAD’S INNOVATIVE MARKETING

“Our goal is to make our client’s listing page as sticky as possible and our Room Painter and House Painter Tool certainly achieves that. This marketing tool takes a listing’s best image and transforms its walls or exterior into a virtual endless color palette of possibilities. We have researched the most used paint colors in the US for rooms and housing units and placed them in our painter to give our buyer that additional resource to visualize themselves in that property.”

MORTGAGE RATES

BANKRATE.COM: FRAIL JOBS REPORT SENDS MORTGAGE RATES DOWN
“Mortgage rates took a dip this week after a surprisingly lousy employment report raised questions about the strength of the economy. Buyers and lenders welcomed the lower rates, but this reprieve may be short-lived.

The benchmark 30-year fixed-rate mortgage fell to 4.57 percent from 4.64 percent the previous week, according to the Bankrate.com national survey of large lenders. One year ago, that rate stood at 3.6 percent. Four weeks ago, it was 4.58 percent. The mortgages in this week’s survey had an average total of 0.36 discount and origination points.

The benchmark 15-year fixed-rate mortgage fell to 3.62 percent from 3.69 percent last week, and the benchmark 5/1 adjustable-rate mortgage fell to 3.4 percent from 3.46 percent. The benchmark 30-year fixed-rate jumbo fell to 4.65 percent from 4.73 percent.”

HUDSON REALTY GROUP LISTINGS

SEARCH MLS LISTINGS

612 GARDEN STREET, HOBOKEN
   
– Developed and Designed by Hudson Realty Group
– No Expense Spared, Complete Gut Renovation
– Single Family Townhome with 5 Bedrooms, 5.5 Baths
– 3850 SF of Living Space Over 4 Levels
– Two Tiered Garden with a Bluestone Patio
– Custom Cabinetry with Thermador Appliance Package
– Fixtures from Waterworks, Toto, Hans Grohe and Kohler

– Tile from Ann Sacks, Waterworks, Artistic Tile

– Oversize Marvin Windows and Doors Throughout

– Wired for Distributed Audio w/ Integrated SONOS System  

– Energy Efficient White PVC Roof with Solar Panels
– Whole House Natural Gas Back-Up Generator
– 4 Skylights, 2 Gas Fireplaces

– Asking: $3,000,000

THE BAKERY LOFTS, 176 SHERMAN AVE PH1, JERSEY CITY
   
– One-of-a-Kind Penthouse Loft at The Bakery Lofts
– 1642 SF Interior and 400 SF Exterior Living Space
– 11′ Ceilings, 19 Windows, Unobstructed Views of NYC
– Currently a Loft Space, Easily Configured into 2 or 3 Bed
– Brazilian Hardwood Floors, Exposed Ducts
– Central/AC, W/D in the Unit, 2 Deeded Parking Spaces
– Asking: $549,000

1117 PARK AVENUE 1, HOBOKEN
  

– Garden Level Studio Uptown Hoboken
– Central Air, Washer/Dryer in the Unit & Shared backyard
– Separate Living and Kitchen Area
– Near Washington St Shops, Restaurants & NYC Transportation
– Asking: $1,750/month

64 MADISON STREET 3, HOBOKEN
(UNDER CONTRACT)
– Stunning Condo In Downtown Hoboken

– 1279 SF, 2 Bedrooms, 2 Baths
– Chef’s Kitchen with Viking Appliances, Granite Counters
– Glass Doors Open to Large Balcony Width of the Home
Wired Sound in Every Room, Central Heat/AC, Gas Fireplace
– Asking:$635,000

700 BLOOMFIELD STREET 2, HOBOKEN
(UNDER CONTRACT)
– Renovated Corner Condo, Historic Brick Building
– Beautifully Finished, Classic Style and Modern Amenities
– 812 SF, 2 Bed, 1 Bath, 11 Windows w/ 3 Exposures
– Wide Open Living Areas, Kitchen w/ Granite Counters
– Asking: $499,000

 Hudson Realty Group has exceptional knowledge of the Hoboken real estate and Jersey City real estate markets.  Our expertise includes: condosbrownstoneslofts and new developments

REAL ESTATE AND COMMUNITY NEWS

THE REAL DEAL: NEW JERSEY CITY RENTAL TOWER RELIES ON STUDENTS

“Maryland-based Sora Development is setting its sights on Jersey City with plans for a 20-story, $165 million residential tower that will target college students as well as working professionals facing a shortage of rental apartments. The building will have 300 apartments for students as well as 375 market-rate apartments and will be built in a joint venture with nearby Saint Peter’s”…

INMAN.COM: AS HOME PRICES AND INTEREST RATES RISE, MORE HOME SALES ARE CASH DEALS

“The proportion of all-cash home sales has doubled since May, making up 42 percent of all deals done in November, RealtyTrac reports — the largest proportion of cash sales since the data aggregator began tracking the stat nearly three years ago. RealtyTrac had previously reported that cash deals made up 45 percent of sales registered in August, but the firm has since revised that tally down, citing a revision it made to methodology. Regardless, the data — and the raw numbers behind it — does not indicate a greater raw number of investors, RealtyTrac Vice President Daren Blomquist told Inman News. What it shows is that rising home prices and rising mortgage rates have”…

“HOBOKEN — A new regional bicycle-sharing program may link three Hudson County cities by this spring. Hoboken, Jersey City and Weehawken are working together to launch a regional bike-sharing program, which would include at least 650 bicycles and solar-powered parking stations, officials said in a statement late Monday. The cities plan to select a single vendor for the”… 

NJ.COM: JERSEY CITY BREAKS GROUND FOR STATE’S TALLEST APARTMENT BUILDING
“Jersey City is home to the tallest building in the state — the Goldman Sachs office at 30 Hudson Street. Soon it will welcome New Jersey’s second tallest building, and the tallest apartment complex in the state. Ground was broken yesterday afternoon for the URL (Urban Living Ready) Harborside apartment building at Greene and Hudson streets and near the Exchange Place PATH station. It will stand 69 stories tall and contain 763 energy-“…

NJ.COM: REPORT: HOBOKEN’S POPULATION AMONG THE MOST EDUCATED AND PROSPEROUS IN THE COUNTRY
Hoboken has one of the most affluent and educated populations in the country, according to an analysis by The Washington Post. The city ranked among 650 “Super Zips,” or ZIP codes where the country’s “most prosperous, highly educated demographic clusters” live, according to the Post. The rankings—zero to 99—represent an average of each the percentile for median household income and for the number of adults with”…

“Home prices posted another big annual gain in October, although there are signs that 2013’s rapid rise in prices is close to topping out. The closely-followed S&P/Case-Shiller home price index was up 13.6% compared to a year ago, the largest 12-month gain since early 2006, which was the height of the housing bubble. Prices have been improving at a faster annual rate every month for nearly two years. But with the prospect of rising mortgage rates, October prices were little changed from September.”…
“The City Council approved the hiring of a New York-based engineering and design firm to head a massive renovation of Frank Sinatra Drive. Some council members said they were more comfortable with the company after meeting with them privately and hearing their ideas for the project. Community activists from the Fund for a Better Waterfront (FBW) continued to express dissatisfaction with the firm, Kimley-Horn and Associates. Other council members blasted what they claimed was a hiring”…

MOVOTO.COM: THESE ARE THE 10 MOST EXCITING SMALL CITIES IN AMERICA – HOBOKEN IS #1

“When we said Hoboken was young, we meant it. A full 46 percent of the place’s population is between 20 and 43 years of age–the largest such group in our top 10 by 3 percent margin over second-youngest San Marcos, TX. Hoboken’s youthful population seems to be getting its kicks mostly at bars and clubs–such as Maxwell’s, Bin 14, and 1 Republik–with the city posting the best overall score (third place) in nightlife out of any place in our top 10. Hoboken”…

NJ.COM: DEMOLITION UNDERWAY IN JERSEY CITY TO MAKE ROOM FOR $666 MILLION RESIDENTIAL TOWERS
“Major demolition is underway in Journal Square, where several buildings, including two large, five-story, brick buildings are being devoured by demolition machines to make way for a $666 million residential towers project.The buildings being leveled will transform Pavonia Avenue’s south side from Summit Avenue to McLaughlin Funeral Home a swath of empty lots. The project is to include a 54-story tower with 540 units; a 70-story tower with”…

GOLD COAST CONTINUES TO SHINE – DEVELOPMENT AROUND HUDSON COUNTY IN 2013
“Builders and developers broke ground on projects in almost every local town in 2013, looking to capitalize on the county’s geographic prominence and influx of young and wealthy residents. Turner and a group of developers announced that over the next two years, developers will build two connecting Marriott hotels on the waterfront: a 226-room Renaissance by Marriott and a 154″…

THE REAL DEAL: FOREIGNERS OPTING FOR TOWNHOUSES OVER CONDOS

“Wealthy foreigners are starting to look past glitzy condominiums and instead opt for older townhouses, a move that brokers say gives them a bigger bang for their buck and a greater measure of privacy. The average price per square foot of a townhouse in Manhattan in the third quarter of this year was $1,144, compared to $1,379 for condos, according to data from Miller Samuel. At the top of the market, however, the gap is far wider: a record”… 

INMAN.COM: 100 MOST INFLUENTIAL REAL ESTATE LEADERS

“Diane Ramirez CEO Halstead Property Diane Ramirez, longtime president of New York City-based brokerage Halstead Property LLC, became the firm’s CEO in 2013. Halstead Property, which Ramirez helped found in 1984, signed a deal to bring interactive storefronts to its offices in January. The firm has been using drones to capture photographs to enhance its high-end listings for more than two years. Ramirez worked as a selling broker until 1987, consistently ranking in the top 5 percent of the firm’s brokers. Since then, she’s served in management roles including director of sales, and was named president of the firm in 1999. Halstead Property was acquired in 2001 by Terra Holdings LLC and has 29 offices in New York City, New York state, New Jersey and Connecticut. Ramirez began her real estate career in 1973 in Palm Beach, Fla., where she continues to maintain her license.”…

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                                Peter Cossio                Clare Cosio            Lindsey Brown             Matt Brown

Hudson Realty Group at Halstead Property

  

hudsonrealtygroup@halstead.com

 
201.478.6709

                
 

DISCLAIMER: ©2013 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. 

Hudson Realty Group at Halstead Property NJ LLC  |  79 Hudson Street Hoboken NJ  |  201.380.3871

Hudson Realty Group is a closely integrated team with exceptional knowledge of the Hoboken real estate and Jersey City real estate markets. Our expertise includes: condosbrownstoneslofts and new developments