HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
AUGUST EDITION

          

 YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE 
   

 

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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REAL ESTATE AND COMMUNITY NEWS

 

NJBIZ.COM: JP MORGAN TO ACCEPT $187M EDA INCENTIVE, RELOCATE 2,150 JOBS TO JERSEY CITY: REPORT

“According to a report from The Wall Street Journal, JP Morgan will relocate 2,150 jobs from New York to Jersey City, where it has already signed a lease for 400,000 square feet at 545 Washington Blvd….”

 

HUDSONREPORTER HOBOKEN: THIRD TIME’S THE CHARM – WESTERN EDGE REDEVELOPMENT PLAN GETS GREEN LIGHT

“The City Council now moves to the next phase, negotiating a redevelopment agreement in order to flesh out the final plan. An excerpt from the plan, dated July 15, says the Western Edge plan is “the opportunity to start anew…with a vision replete with green technology, sustainability and climate change mitigation.” …

 

JERSEYDIGS.COM: AFTER ESCAPING DEMOLITION, THE BUTLER BROS BUILDING IS REBORN

Containing 368 units, the building is comprised mostly of studio and 1-bedroom’s with around 35% being 2-bedrooms and only five 3-bedrooms. Because it is a repurposed warehouse versus new construction, the units tend to be on the larger side with the average 1-bedroom coming in around 800 square feet.

 

INTERIORDESIGN: SIMPLY AMAZING: 25 SOOTHING KITCHENS AND BATHS

“Our roundup of simply amazing kitchens and baths from Interior Design’s most recently featured projects. Click on the images below to read the articles and see the slideshows for each project.”…

 

HUDSONREPORTER HOBOKEN: WHAT TO BUILD AT HOBOEKN RAIL YARDS? 

“The City Council-approved plan mandates at least 4.5 acres of new open space, but it comes in the form of pocket parks and piazzas tucked around the edges of the project.”…

 

NJ.COM: CITI BIKE JERSEY CITY TO LAUNCH IN SEPTEMBER

Jersey City’s bike-sharing program will launch next month with 350 bikes at 35 stations, and will work in tandem with the popular Citi Bike program across the Hudson River in New York, city officials announced today. The long-awaited announcement comes as the city has added 22 new miles of bike lanes from the Heights to Greenville,…”

 

NJ.COM: DOWNTOWN JERSEY CITY TOWER GETTING 30-YEAR TAX BREAK

“The developer, who received a $40 million tax break from the state last month, has pledged to make 20 percent of the tower’s 397 units affordable. Mayor Steve Fulop, who for years as a councilman criticized long-term tax breaks for Downtown developments, has said he now supports them if developers build affordable units on-site.”…

 

MORTGAGE RATES

 

BANKRATE.COM: MORTGAGE RATES DROP AFTER CHINA DEVALUES ITS CURRENCY
Rates: 4.04(30-yr fixed) 3.26%(15-yr fixed)
  

“The improvement in rates makes now an opportune time to buy, says Pava Leyrer, chief operating officer for Northern Mortgage Services in Grandville, Michigan.”…

 

 

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: ©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. 

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