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Hudson Realty Group's Monthly Real Estate Newsletter July 2015 Edition


HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
JULY EDITION

          

 YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE 
   

 HALSTEAD PROPERTY

 

 

           

 

NEW 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

 

NJ.COM: UPSCALE APARTMENTS TO OPEN IN HOBOKEN
“Park+Garden is Bijou Properties’ latest completed project in the city and will have its grand opening on July 27, a representative for the developer told NJ Advance Media on Friday. The project consists of two 12-story residential buildings at 1450 Garden Street, which are connected by a 383-car parking garage.”…

 

NJBIZ.COM: LATEST JOURNAL SQUARE PROJECT WOULD BRING NEARLY 1,000 APARTMENTS TO JERSEY CITY

“When complete, the project will include amenities such as rooftop pools, 36,447 square feet of ground-floor retail, a parking garage for 502 cars, and bike storage locations, according to a news release. The property is about a 10-minute walk to the Journal Square PATH station…”

 

NJ.COM: BUDDA PRESS AIMS TO SPARK HEALTHY JUICE ‘RENAISSANCE’ IN HOBOKEN

“Our goal is to build a unique brand where our client’s senses are all firing when they walk in the front door,” he said of his new juice spa located at 322 Washington St. in Hoboken, which opened in May.”…

 

CITY OF JERSEY CITY: UPCOMING SUMMER EVENTS IN JERSEY CITY

“The Office of Cultural Affairs is responsible for highlighting the exciting and vibrant artistic com- munities that make Jersey City both their homes and their workplaces. Throughout the year, we sponsor and promote numerous art fairs, ethnic festivals and flag raisings, as well as local theatre, film and performing arts.”…

 

HUDSONREPORTER HOBOKEN: WHAT CAN YOU BUILD IN NORTHWEST HOBOKEN?

“The majority of residents and businesspeople who spoke on the Western Edge plan before the Planning Board and City Council wanted to see that plan improved, mostly because of the new street life and opportunities for recreation, entertainment, and shopping it would bring.”…

 

NYSUNTIMES: J.P. MORGAN CHASE TO MOVE 2,150 JOBS FROM NYCTO JERSEY CITY

“J.P. Morgan Chase & Co. is looking to move 2,150 jobs from New York City to Jersey City, according to the Wall Street Journal. The New Jersey Economic Development Authority is expected to consider an application by the NYC-based bank fro a $19 million subsidy over 10 year.”…

 

NJ.COM: POPULAR CUBAN RESTAURANT OPENS SECOND LOCATION IN HOBOKEN

“The uptown location can hold 135 people and also has a liquor license. The new space incorporates the “character and personality” of the first location, while also aiming to appeal to customers looking for a “high quality” dining experience, he said.”…

 

NJTV NEWS: JERSEY CITY INSPIRES BROOKLYN COMPARISONS

“Jersey City has a bustling downtown, complete with outdoor cafes, hip murals and ubiquitous condo developments, which is inspiring a comparison with Brooklyn.”…

 

NJ.COM: TAKE A TRIP TO ITALY AT NEW PRATO BAKERY IN JERSEY CITY

“Deserts are also abundant with sweet ciambellinas (Italian donuts), nutella crossaints and pancioc – round soft bread with chocolate chunks. And, of course, Prato offers Italian-style coffee including espressos, cappuccinos, iced coffee, Americanos, lattes and tea.  “I love this neighborhood,” Bertini said, “and people who really appreciate my products.”…

 

NYTIMES: RETRACTABLE SKYLIGHT IN WORLD TRADE CENTER OCULUS TAKES FINAL FORM

“The memory of the victims will be honored and explicitly expressed through the most symbolic and significant element of the project,” he continued, “allowing people to spontaneously gather with a sense of transcendence and elevation.”…

 

HUDSONREPORTER JERSEY CITY: A BIT OF SPAIN NEAR GROVE STREET

“The newly opened eatery located at 136 Newark Ave. near Grove Street is also destined to become one of downtown’s late night hot spots. Raval Tapas not only offers a brunch menu as well as traditional dinner menu, but a late night menu for partiers with a sudden urge for a snack.”…

 

NYTIMES: AFTER LOOKING EVERYWHERE, A JERSEY CITY CONDO

“The couple are thrilled with their surroundings. “The restaurants and bars and cafes that we didn’t notice on the first pass when we were ‘interviewing’ the neighborhood,” Mr. Maiurro said, “are even better than we thought.”…

 

CITY OF HOBOKEN: SOUTHWEST REDEVELOPMENT PLAN PUBLIC OPINION SURVEY
“The Southwest Redevelopment Plan Area consists of 17.64 acres in Southwest Hoboken and is bounded, roughly, by Paterson Avenue and Observer Highway on the north and the Jersey City boundary on the west and south.
This portion of Hoboken was designated an Area in Need of Rehabilitation in 2012 and the City is in the process of developing a redevelopment plan for the area. The redevelopment plan will address the various land uses, appropriate density and height of buildings and opportunities to encourage neighborhood goods and services. Finally, the plan will also strive to increase public parks and open spaces.”

 

MORTGAGE RATES

 

BANKRATE.COM: MORTGAGE RATES DIP AS STOCKS DROOP AND GLOBAL WORRIES RECEDE
Rates: 4.12(30-yr fixed) 3.3%(15-yr fixed)
  

“Existing-home sales rose to a seasonally adjusted annual rate of 5.49 million in June from 5.32 million in May, a 3.2 percent increase. Last month saw the highest pace of home sales since February 2007, according to the National Association of Realtors.”…

 

 

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