HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
AUGUST 2014 EDITION
 

YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE

 

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.

 

MORTGAGE RATES

 

BANKRATE.COM: MORTGAGES DRIFT LOWER IN SUMMER DOLDRUMS
Rates: 4.27% (30-yr fixed)  | 0.26 (Ave Points)
  

“The benchmark 30-year fixed-rate mortgage fell to 4.27 percent from 4.29 percent last week, according to the Bankrate.com national survey of large lenders. One year ago, that rate was 4.57 percent. Four weeks ago, it was 4.3 percent.”…

 

HUDSON REALTY GROUP LISTINGS

SEARCH MLS LISTINGS

 

  
612 GARDEN STREET, HOBOKEN
  

  
No expense has been spared in the complete gut renovation and four story extension of this single family townhouse. Stunning design combined with state-of-the-art features and original details have created the ultimate urban townhome. This rare, true five bedroom five-and-a-half bath townhouse has been carefully conceived to maximize efficiency, light and space. The floor plan allows for open plan living areas and large well proportioned bedrooms including an expansive master bedroom with soaring ceilings, a working gas fireplace, built-in bookcases,  an en-suite 5 fixture bath and two walk–in closets. This single family home encompasses over 3,850 SF of interior living space over four floors and provides generous closet and storage space. Comprising of nearly 700 SF the outdoor space  contains a professionally landscaped garden with bluestone patio and 48″ DCS gas grill. Conveniently located just 1.5 blocks from Church Square Park, 2 blocks from Washington Street and commuting distance to the PATH Train to NYC. Asking: $3,000,000

 

1100 MAXWELL LANE 616, HOBOKEN
  
– New Construction, 1100 Maxwell Place
– 828 SF, 1 Bed, 1 Bath Condo w/ Parking
– Balcony Overlooks Rooftop Pool & Courtyard
– 9’Ceilings, Oversized Windows, W/D & C/AC
– Elevator, Full – Service Amenity Building
– Asking: $849,999

 

704 BLOOMFIELD STREET 2, HOBOKEN
OPEN HOUSE 8/17 SUN 1-3PM
  
– 961 SF, 2 Bed, 2 Bath Condo
– 11’7 Ceilings & Oversized Windows
– Master Bedroom Suite w/ a Walk-in Closet
– Oak Hardwood Floors, Washer/Dryer in the Unit
– Private Storage Cage & Common Backyard
– Asking: $575,000

 

400 9TH STREET W3L, HOBOKEN
OPEN HOUSE 8/17 SUN 1-3pm
  
– The Columbus an 87-Unit Elevator Building
– 910 SF, 1 Bed, 1 Bath, Balcony & Parking
– Open Floor Plan, Large Windows Western Exp
– Central Heat/AC, Washer/Dryer in the Unit
– Fitness Room, Bike Storage & Courtyard
– Asking: $499,900

 

1500 WASHINGTON STREET 10T, HOBOKEN
   
– Waterfront Studio at The Hudson Tea Building
– 735 SF Loft, Oversized Windows, 13’8 Ceilings
– Upgraded & Recently Renovated Kitchen & Bath
– Full Service Elevator BLDG, 24-Hour Concierge
– Gym, Community Room, PATH Shuttle
– Asking: $499,900

 

210 11TH STREET #B, HOBOKEN
  
– Updated 750 SF, 1 Bed, 1 Bath Condo
– Open Floor Plan, Kitchen w/ a Breakfast Bar
– Washer/Dryer in the Unit, Central Heat/AC
– Near NYC Transportation & NY Waterway Ferry
– Asking: $2,100/monthly

 

 

311 WASHINGTON STREET 6F, JERSEY CITY
(UNDER CONTRACT)
  
– Rare Washington Commons “F” Line Condo
– Elevator, Full Service Amenity Building
– Expansive, 1364 SF, 2 Bed, 2 Bath Condo
– 14 Windows, 3 Exposures, Deeded Parking
– Asking: $749,900

 

452 2ND STREET 1, HOBOKEN
(UNDER CONTRACT)
  
– South Facing 1364 SF, 2 Bed, 2 Bath Condo
– Deeded Parking & Private Storage Cage
– Open Floor Plan, Crown Molding, Gas Fireplace
– Renovated Kitchen, Recessed Lighting, W/D
– Asking: 699,900

 

92 MADISON STREET 3B, HOBOKEN
(UNDER CONTRACT)
  
– Stunning Corner Condo in Elevator Building
– 18 Windows, 1089 SF, 2 Bed, 2 Bath w/ Parking
– 9’2 Ceilings, Upgraded Kitchen with a Window
– Master Bedroom: Dual Closets, Master Bath
– Full Size Side-By-Side W/D, Recessed Lighting
– Asking: $649,900

 

722 ADAMS STREET 8, HOBOKEN
(UNDER CONTRACT)
     
– Top Floor Duplex Condo with Garage Parking
– 1013 SF, 2 Beds, 2 Baths, Private Roof-Deck
– Renovated Kitchen with a Breakfast Bar
– W/D in the Unit, Bleached Oak Hardwood Floors
– Asking: $550,000

 

REAL ESTATE AND COMMUNITY NEWS

 

HUDSONREPORTER HOBOKEN: ON PIER A, A BULWARK FOR LIVE MUSIC
Lackawanna Music Festival Returns with Local Bands and More –  “
The 2014 Lackawanna Music Festival will take place from noon to 10 pm on Saturday Aug. 23 at Pier A in Hoboken. Admission is free to all, though beer and food must be purchased. More information can be found at www.lackawannamusicfestival.com.”…

 

THE VILLAGE VOICE BLOGS: TAKE A BRIDE & TUNNEL STAYCATION ACROSS THE HUDSON IN JERSEY CITY & HOBOKEN

“Slip under the Hudson this weekend and you’ll find that panoramic views of the Manhattan skyline are the least-enticing attraction between the cheese dives and art galleries, beer gardens and farmers’ markets thriving atop every PATH stop. From the retro ethnic flavors surrounding…”

 

NJ.COM: CONSTRUCTION HAS BEGUN ON THREE-TOWER RESIDENTIAL BUILDING IN JOURNAL SQUARE

“Construction on “Journal Squared,” a massive three-tower project that will include the tallest residential building in New Jersey, has begun in Jersey City’s Journal Square. The KRE Group project, which is located between Magnolia, Pavonia, and Summit Avenues, just east of the…”

 

NJ.COM: ANOTHER RESIDENTIAL BUILDING LOOKING TO OPEN IN JOURNAL SQUARE

“The first high-end residential building to be completed in years in Jersey City’s Journal Square opened yesterday morning, but it may have company in the near future right across the street. The structure currently at 87 Newkirk St., formerly the offices of Hudson County officials, is being demolished to make way for “a multi-story…”

 

DAILYNEWS: REAL ESTATE BROKERS TAKE DIGITAL TRICKERY TO NEW LEVELS WITH VIRTUAL RENOVATIONS

“If sellers have not updated their home in 30 years, that could be a major hurdle to jump over when they go to sell,” said Matthew Leone, a Web marketing pro at brokerage Halstead Property. “Not everyone has that vision to see beyond the current esthetic. We’re just providing it for those…”

 

HUDSONREPORTER JERSEY CITY: CLASS ACT – DOWNTOWN WELCOMES 422-UNIT LUXURY BUILDING
“Located in the Liberty Harbor North Neighborhood near Paulus Hook and near both PATH and the Hudson Bergen Light Rail, the new building features modern designs and amenities that many expect of luxury rentals. Fulop called it an example of “urban revitalization.”…

 

NJBIZ: DEVELOPER TO BEGIN $90M JERSEY CITY HOTEL PROJECT; WILL CREATE HUNDREDS OF JOBS
“A developer is set to begin a rehabilitation of a decades-old former bank building in Jersey City, with plans to transform into a new 258-room boutique hotel in the city’s Exchange Place section.”…

 

HUDSONREPORTER: FOODIE HEAVEN
Jersey City is Fast Becoming a Restaurant Destination
“A recent article in NYC Zagat’s touted Jersey City’s “culinary revolution,” recommending seven local spots worthy of a trip across the river. Big-city talents from Nobu and Momofuku have set up shop at Cocoa Bakery and Thirty Acres, respectively. These Manhattan stars have found lower rents and sophisticated diners here.”…

 

HUDSONREPORTER JERSEY CITY: LIBERTY HARBOR
From Boats and Bait Shops, Fish Shacks and Forsaken Factories, To High-End Development

“On the site of the old factory is a luxury rental building called 18 Park. At press time in the spring, it was taking its first occupants. The 11-story, 422-unit building offers studios, one- and two-bedrooms and some townhouses. Developed by Ironstate Development Company and KRE Group, it follows Feng Shui principles and includes a fitness center, outdoor swimming pool, outdoor deck, billiards room, playroom, catering…”

 

 

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. 

Hudson Realty Group at Halstead Property NJ LLC

200 Washington St 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