HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
NOVEMBER 2013 EDITION

YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE

HALSTEAD’S INNOVATIVE MARKETING


HALSTEAD PROPERTY: EXCLUSIVE TOUCH SCREEN REAL ESTATE SEARCH

Coming soon to our new office at 200 Washington Street: This screen gives you the opportunity to search through all available sales listings with one fingertip 24 hours a day outside our office! You will surely be impressed by this exclusive technology that recently was awarded the “Most Innovative Brokerage Tool in the US” by Inman News. Halstead Property is in the midst of an exclusive partnership with ImageSurge to continue to place these in the majority of our storefront offices.


HALSTEAD PROPERTY: HALSTEAD PORTFOLIO FALL/WINTER 2013 ISSUE

The Halstead Property Portfolio Magazine is the Recipient of the Best Marketing Piece from Leading Real Estate Companies of the World surpassing over 600 other worldwide and national entrants. This perfect bound 140 page book features over 2500 exclusive properties, more than any other Tri-State and New York Metro industry publication. The Portfolio Magazine’s status is cemented in New Yorkers eyes as a qualified source for high end sales each season when the newest issue becomes…

MORTGAGE RATES


MORTGAGE RATE UDPATE FROM BANKRATE.COM

Mortgages: 4.48% (30-year fixed)  0.36 (average points)

11-14-13: “Mortgage rates jumped this week as investors reacted to the release of a better-than-expected October employment report. The 30-year fixed-rate mortgage rose 13 basis points to 4.48 percent. A basis point is one-hundredth of 1 percentage point. The 15-year fixed-rate mortgage rose 7 basis points to 3.49 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 7 basis points”…

HUDSON REALTY GROUP LISTINGS

SEARCH MLS LISTINGS


812 GRAND STREET 524, HOBOKEN
– The Huntington, Concrete Elevator Building
– SE Top Floor Corner Condo, Well Designed Floor Plan
– 1412 SF, 2 Bed+ Den, 2 Bath, Deeded Garage Parking
– Open Kitchen, Spacious Master En-Suite, with W/D
– Asking: $775,000


104 MAPLE STREET 1, WEEHAWKEN
– Renovated 1000 SF, 2 Bed, 1 Bath with Garage Parking

– Open Floor Plan, High Ceilings, Exposed Brick

– New Kitchen, SS Appliances, Hardwood Floors

– W/D & Storage in Basement, Close to NYC Bus Stop

– Asking: $2,400/month

208 8TH STREET, HOBOKEN
(UNDER CONTRACT)
– Renovated 4-Story Single-Family Brick Rowhouse

– 4 Bed, 3 Bath, Lot Size: 16.5’x75’
– Spacious Dining Room, Chef’s Kitchen, Deck & Garden
– Central AC, Built-In Speakers, Alarm System, W/D
– Exp Brick, Original Staircase, Stained Glass Skylight

– Convenient Midtown Hoboken Location
– Asking: $1,350,000


308 GARDEN STREET 1L, HOBOKEN
(UNDER CONTRACT)

– Classic Meets Modern Luxury 964 SF, 2Bd+Den, 1Bath

– Chef’s Kitchen, Granite Counters, Glass Tile Backsplash

– Custom Mantle w/ Built-In TV Mount and Speakers

– Wide Plank HWF, Recessed Lighting, CAC, W/D

– Asking: $569,000


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


473 NEWARK AVENUE 403, JERSEY CITY
(UNDER CONTRACT)
– Top Floor Condo, 667 SF, 1 Bed, 1 Bath w/ 9’5 Ceilings
– Spacious Kitchen, Granite Counters, SS Apppliances
– Hardwood Floors, Recessed Lighting, Washer/Dryer

– 10 mins from JSQ PATH, 15 mins from Hamilton Park
– Asking: $215,000

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

NEW CONSTRUCTION DEVELOPMENTS


1100 MAXWELL PLACE, HOBOKEN

– New sales office now open, Building is
50% sold

– 210 unit 12-story building, developed by Toll Brothers
– Expected completion Spring 2014

– Rooftop pool, BBQ area, Gym, Shuttle to PATH

– Private rooftop terraces are also available for purchase

– Pricing ranges from approx $750 to $1050 per SF


THE AVENUE COLLECTION, WEEHAWKEN

– 75 unit 7-story building, developed by Lennar

– Expected completion Summer 2014

– 1 of 5 bldgs to be built as “The Avenue Collection

– Located on the waterfront, next to Ferry Terminal

– 9 one bdrms, 42 two bdrms, 23 three bdrms

– Spectacular views of NYC, doorman, fitness center

– Social room, sauna/steam showers, outdoor gardens

– Pricing ranges from approx $650 to $1150 per SF


THE PEARL, 45 RIVER ROAD, EDGEWATER

– 67 unit 6-story bldg developed by National Resources

– Expected completion Spring 2014

– Located on the waterfront, all homes have NYC views

– Building was previously used as a factory

– 10’+ ceilings on every level and expansive windows

– Fitness center, club room, outdoor heated pool, fire pits

– Rooftop deck, private pier, BBQ area

– Pricing ranges from approx $700 to $1000 per SF

REAL ESTATE AND COMMUNITY NEWS


NYDAILYNEWS: JERSEY CITY IS EMERGING AS THE HOT NEW FOODIE DESTINATION IN THE NYC AREA
“Chefs like Dale Talde are starting restaurants there, and it’s also home to places such as Razza, Thirty Acres and Barcade. Star chef Dale Talde, best known for cooking up a storm on Bravo’s “Top Chef” and his well-reviewed eponymous Park Slope eatery, has partnered with Anthony Carrino and John Colaneri, the stars of HGTV’s “Kitchen Cousins,” to open a second location of his”…


NJ.COM: HOBOKEN’S POPULATION AMONG 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”…


HUDSONREPORTER: MAKING THE CONNECTION

‘100 Steps’ open to public, linking Heights to Hoboken. “Pedestrians who wish to travel from the Palisade Cliffs in the Jersey City Heights to the Second Street Light Rail stop in Hoboken can now do so using a set of steps that link the two communities. Known officially as the “100 Steps,” the stairway provides a vital link to transportation, entertainment, and commerce between the two cities”….


BUSINESSINSIDER: THE 20 MOST UNDERRATED CITIES FOR 20-SOMETHINGS

“Rankings of cities measuring “livability” or “quality of life” are a staple of the Internet. Livability, however, is very much in the eye of the beholder. Areavibes.com provides a typical such livability metric. Cities are rated by a combination of factors – proximity to amenities, cost of living, crime rates, educational facilities, the local labor market, the housing market, and weather”…


CURBED.COM: GO INSIDE THE FIRST COMPLETE WOLRD TRADE CENTER TOWER

“One World Trade Center, now officially the tallest building in the Western Hemisphere, has dominated the headlines about the 16-acre site’s redevelopment, but this week, attention turns to its sister tower, the 977-foot-tall 4 World Trade Center, which officially opens its doors tomorrow. The tower is the first to open in the new World Trade Center at ground zero, and developer Silverstein Properties recently invited Curbed to take a sneak”…


HOBOKENNJ.ORG: MAYOR ZIMMER SELECTED FOR PRESIDENT OBAMA’S TASK FORCE ON CLIMATE PREPAREDNESS AND RESILIENCE

“In recognition of the City of Hoboken’s leadership in preparing for the impacts of climate change, Mayor Dawn Zimmer was selected today as a member of President Obama’s Task Force on Climate Preparedness and Resilience to advise the Administration on how”…


THEATLANTICCITIES.COM: JERSEY CITY: CHEAPER, YES, BUT ALSO A REAL SENSE OF COMMMUNITY

“For Bunbury and many of the Millennials I met there, Jersey City functions as a lot more than just a “sixth borough.” It has the dual upsides of being smaller (its population is right around 250,000), cheaper, and more community-oriented than its gargantuan neighbor—yet”…


HUDSONREPORTER: GROUNDBREAKING FOR TWO NEW MARRIOTT HOTELS ON WEEHAWKEN WATERFRONT THIS WEDNESDAY

“XSS purchased the development rights for the space above the parking garage from Roseland and plans to build a 226-room Renaissance by Marriott and a 154-room Residence Inn by Marriott on the property. The Renaissance will include a function space for up to 750 seated guests, a lounge and breakfast space and a”…


NJ.COM: HOBOKEN RANKED NO.1 WALKABLE CITY IN UNITED STATES

“Hoboken goes by a few different nicknames, most of which play off its size. But another name has been added to the mix: “walker’s paradise.” The city has been dubbed one of the most walkable cities in the country by Walkscore.com in its 2014 ratings of Most Walkable U.S. Cities and Neighborhoods. Hoboken earned the highest so-called Walk Score in the country out of 2,978 cities rated by the website. “Being able to walk out your door and be at your destination whether that be your job, school, park, grocery store or restaurant is great for your wallet, health, and quality of life,” said Josh Herst, CEO Walk Score, said in a statement.”..


HALSTEADPROPERTY: REAL DEAL MAGAZINE SITS DOWN WITH EUGENE CORDANO TO DISCUSS EVOLVING JERSEY CITY MARKET

“It’s been reported that there’s a new wave of New York City residents relocating to Jersey City. Are you noticing New York trans-plants driving a lot of the activity there?

“Absolutely. A lot of New York City transplants and out-of-starters are seeking out Jersey City. It’s really established itself, much like Hoboken, as a real destination. It’s not as strong as Hoboken just yet, but it is a strong second”…


NJBIZ.COM: EDA APPROVES $390 MILLION TAX GRANT FOR AMERICAN DREAM PROJECT

“Gov. Chris Christie once called the American Dream project “the ugliest damn building in New Jersey, and maybe America.” But today, the stalled mixed-use entertainment and retail complex in the Meadowlands Sports Complex has a new lease on life after the state Economic Development Authority approved a $390″…


NJ.COM: FUELED BY RUMORED ERRORS, HOBOKEN GROUP LIKELY TO CHALLENGE RENT MEASURES FAILURE

“A measure to partially deregulate rent coNtrol in Hoboken ultimately failed for a second time, but its supporters are prepared to continue the fight. Partially fueling this challenge to last week’s election are unspecified rumors that something went wrong when the votes for the”…


JERSEYCITYINDEPENDENT: MICRO-HOUSING DEVELOPMENT COMING TO JERSEY CITY

“Micro-housing units, typically 150 – 400 square feet, have been cropping up across the Northern Hemisphere. Although New York City needed to waive a previous housing ordinance from 1987 stating that living units must be at least 400 square feet, Jersey City has no”…


BLOOMBERG.COM: HOME PRICES CLIMB IN 88% OF U.S.CITIES

“Prices for single-family homes climbed in 88 percent of U.S. cities in the third quarter as buyers competed for limited inventories that included fewer discounted foreclosures. The median transaction price rose from a year earlier in 144 of 163 metropolitan areas measured, the National Association of Realtors said in a report today”…


HUDSONREPORTER: VOTE DELAYED ON THREE-TOWER DEVELOPMENT AT JSQ

“Officials promise 1,840-unit development will break ground this year. The city insists that a major development planned for Journal Square is still on track to break ground in December, even though the administration and City Council agreed to delay the introduction of a package”…


RCLCO: CONDO RECOVERY UNDERWAY AND LIKELY TO ACCELERATE

“RCLCO’s market outlook is that much like in the 1980s, 1990s, and 2000s, 2014 and for two to three years to follow will be a period of dramatic growth in volume of condominium transactions combined with significant upward price movement caused in part by the lack of available supply in most major urban markets”…

HALSTEAD PROPERTY MOVING TO GREENER PASTURES IN HOBOKEN

After five years of success at 79 Hudson Street, Halstead Property is taking its Hoboken operations to a new level to a space 3 times as large ideally located on the bustling corner of 2nd and Washington Street. The space has full two floors and over 3800sf allowing for an inviting storefront level and a more private second floor area. “The corner location gives us building identity located on the primary retail corridor in town and is the ideal space to build upon our already growing business in Hoboken,” adds Eugene Cordano, Executive Director of Sales of the New Jersey Office. The space will be completely renovated as a state of the art real estate office featuring room for 50 agents (twice as many desks as current office) and a storefront consisting of the Inman News’ Most Innovative Brokerage Tool of 2013 – our Touch Screen Real Estate Search Technology, LED Window Displays, publicly available WiFi, and much more.  

Target date for opening is December 2013.

HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT

1H2013 MARKET RECAP

In our last market report, we predicted prices to continue rising in 2013, however over the last 6 months the real estate market has exceeded our expectations in both valuation and activity. The market prices were driven up by extremely low inventory combined with rock bottom interest rates, and activity increased due to a sustained economic recovery and widespread positive news about the housing market rebound. With the apartment rental market holding steady at pric-es that have risen 20% in the past couple years, tenants looked to the advantages of home ownership and found a fierce-ly competitive bidding environment for the most desirable homes. Of the 430 condos closed in Hoboken during the first half of 2013, an astonishing 47% sold at or above the asking price, narrowing the average discount from asking to under 1%. Downtown Jersey City experienced a similar market with 39% of condos selling at or over asking.

Townhomes also traded very well resulting in average prices moving up almost 15% in Hoboken since 2012 and several Hoboken properties sold well above the $2M mark. Downtown Jersey City townhomes also saw a high demand pushing prices up 25% from 2012 but sales were restrained from a lack of supply resulting in the total sales volume moving down 30%.

In spite of interest rates moving up over the past month, rates are still considered to be near historic lows and we have seen the increase as a motivating factor for potential buyers to act now or pay a higher rate in the future. With a short-age of new construction condominium developments coming online in the near future in Hoboken and Downtown Jersey City, we foresee property values continuing to rise throughout the remainder of 2013.

 


Thanks for reading our newsletter!  Please don’t hesitate to contact us if you have any questions, comments or concerns.

Peter Cossio & 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