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HUDSON REALTY GROUP’S
MONTHLY REAL ESTATE UPDATE
MARCH EDITION
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YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE
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REAL ESTATE AND COMMUNITY NEWS
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 CBS.LOCAL NEWS.COM: THE NEW HIPSTER CAPITAL OF AMERICA IS…HOBOKEN?
“Hoboken ranked at the top, with a population of just over 50,000, a total of 47.2 percent of the population being between 20 and 34, and a total of 73.5 percent of residents holding at least a bachelor’s degree. Hoboken also has one yoga studio and 13.1 cafés per 10,000 people.”…
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 NJ.COM: 13 MAJOR DEVELOPMENT PROJECTS THAT COULD CHANGE N.J’S SKYLINE “This is evident in Jersey City’s Journal Square, which is seeing renewed interest among developers. Journal Squared is a planned three-tower project that will bring 1,840 units to the area. The city could also soon be home to the tallest building in the state — a 950 foot-tower planned for 99 Hudson Street.”…
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 HUDSON REPORTER HOBOKEN: STEVENS PROPOSES AMENDED COMPLEX
“A key component of Stevens’ 10-year strategic plan, which could see the Institute’s total student population grow by almost 2,000, the Academic Gateway will add much needed classroom and laboratory space to campus, as well as a new vestibule that would double as an event space. All told, the complex would…”
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 NEW YORK YIMBY.COM: REVEALED: 33 PARK AVENUE, TWO-44 STORY TOWERS COMING TO JERSEY CITY “Two towers will share a five-story podium that will have parking, retail, and additional apartments. Above, the buildings will top-out 44 floors above street level, and a tipster sent along word that Perkins Eastman will be designing. Phase one of the project will include 448 apartments, while phase two will deliver an additional 452 units, bringing the…”
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 NEW YORK YIMBY.COM: REVEALED: 65 BAY STREET “While the building’s address is 65 Bay Street, its name will be 88 Kushner-KABR. Per Humphreys’ page on the development, 65 Bay Street will have 446 units, ranging in size from studios to two bedroom apartments. 88 Kushner-KABR will also have 41,000 square feet dedicated to amenities, and a pool atop the tower’s base is visible in…”
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 CITY OF HOBOKEN: UN RECOGNIZES HOBOKEN AS A ROLE MODEL FOR RESILIENCE “Hoboken becomes one of 45 cities worldwide recognized as a Role Model City by the United Nations. It is only the second such role model city in the United States; the first was San Francisco. There are over 2,400 cities and towns worldwide participating in the campaign, including 73…”
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 NEW YORK YIMBY.COM: REVEALED: LIBERTY HARBOR NORTH’S 235 GRAND STREET “In terms of design, the architecture of 235 Grand Street is fairly standard for Jersey City, but its ground-level presence will revitalize a former dead zone. The plan incorporates an extension of Grove Street, and will also add green space to the neighborhood. The tower itself is tall, glassy, and typical of large-scale luxury…”
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 BANKRATE.COM: INTEREST RATE ROUND UP
Rates: 3.91(30-yr fixed) 3.15%(15-yr fixed)
“Rates on mortgages dipped this week, according to Bankrate’s latest survey of interest rates. The average rate for a 30-year fixed-rate mortgage fell 6 basis points to 3.91 percent. The rate for the 15-year fixed-rate mortgage fell 3 basis points to 3.15 percent.”…
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HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT
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MARKET RECAP
Hoboken and Jersey City’s residential real estate market continued to move at a brisk pace over the 2nd half of 2014 with widespread multiple offers that tested buyers and thrilled sellers. Properties went into contract in an average of just over 30 days at a discount of less than 1% below the asking price. The market sustained it’s upward trend for pricing and volume for both condominiums and townhomes, setting all-time records in many categories. The overall dollar volume of residential property sales in Hoboken reached $704M, 28% above the previous record of $551M set in 2007. Jersey City also set a record high at $427M, 58% more than 2007 levels but only 2% above 2013’s record of $417M. 2014 was the first year the average condo prices and price per square foot in Downtown Jersey City exceeded that of Hoboken with averages of $608k vs $603k and $602/SF vs $589/SF. <continiued in report>
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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
   
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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.
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CITY OF HOBOKEN: HOBOKEN MOVES FORWARD ON WASHINGTON STREET, SOUTHWEST RESILIENCY PARK & NORTHWEST RESILIENCY PARK PROJECTS