HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
OCTOBER 2014 EDITION

 

YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE

 

HOBOKEN HISTORICAL MUSEUM

 

 

 

HOBOKEN HOUSE TOUR
PRESENTED BY HOBOKEN HISTORICAL MUSEUM

Sunday October 26th from 10am-4pm

Tickets are $30 in advance, $40 on the day of the tour (Museum members pay $30)

 

MORTGAGE RATES

 

 

BANKRATE.COM: MORTAGE RATES RESURFACE AFTER STEEP DIVE

Rates: 4.05% (30-yr fixed)
  
“Still, consistently low mortgage rates helped boost the housing market last month. Sales of previously owned homes increased 2.4 percent in September to a seasonally adjusted 5.17 million units, the highest annual pace of the year. The median price rose to $209,700, up 5.6 percent from last year.”…

 

 

 

HUDSON REALTY GROUP LISTINGS

SEARCH MLS LISTINGS

 

 

612 GARDEN STREET, HOBOKEN  

(SOLD FOR RECORD PRICE)

  
– 4 Story Single Family Townhouse
– Completely Renovated w/ Full 4 Story Extension
– Over 3850 SF, 5 Beds, 5.5 Baths
– Stunning Design with State-of-the-art Features
– Beautifully Lanscaped Bluestone Patio & Garden

Asking: $3,000,000

 

1100 MAXWELL LANE 1104, HOBOKEN
OPEN HOUSE SUN 10/26 FROM 1-4PM
  
– New Construction, 1100 Maxwell Place
– Stunning NYC, Hudson River & Hoboken Views
– 1170 SF, 2 Bed, 2 Bath w/Terrace & Parking
– Large Living/Dining Area with Natural Light
– Full-Service Building with Five Star Amenities
– Assking: $1,250,000

 

1100 MAXWELL LANE 616, HOBOKEN
OPEN HOUSE SUN 10/26 FROM 2-4PM
   
– 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
– 
Full-Service Building with Five Star Amenities
– Asking: $769,000

 

128 MADISON STREET 4N, HOBOKEN
OPEN HOUSE SUN 10/26 1-3PM
  
– Renovated Top Floor Condo
– 639 SF, 1 Bed, 1 Bath 12 Minutes from the PATH
– Open Living/Dining Area with Exposed Brick
– Recently Renovated Kitchen and Bath
– W/D in the Unit, Storage Cage in Basement

– Asking: $325,000

 

20 AVE PORT IMPERIAL 236, WEST NY
 
– Grandview II at Riverwalk on the Water
– 849 SF, 1 Bed, 1 Bath, Amazing Views of NYC
– Balcony & Gargage Parking
– Chef’s Kitchen, C/AC, W/D in the Unit
– 24-HR Concierge, Pool, Fitness Center, Lounge
– Asking: $525,000

 

1103 GARDEN STREET, HOBOKEN
  
– 3-Story Hoboken Townhouse for Rent
– 2300 SF, 3 Beds, 2 Baths and Rear Garden
– Modern Kitchen with a Sun Drenched Solarium
– C/AC, 5 Fireplaces, Skylight, Washer/Dryer
– Available for Occupancy Immediately
– Asking: $6,000/monthly

 

1125 MAXWELL LANE 1113, HOBOKEN

(UNDER CONTRACT)
      
– Corner Condo at Maxwell Place with Parking
– 1675 SF, 2Bed+Den, 2.5 Bath, Balcony
– Wall of Windows, Spacious Open Kitchen
– World Class Amenities, 24HR Concierge
– Asking: $1,599,000

 

1025 MAXWELL LANE 1110, HOBOKEN
(UNDER CONTRACT)
   
– 1317 SF, 2 Bed, 2.5 Bath Condo, Maxwell Place
– Open Floor Plan, Balcony w/Views of NYC
– Spacious Kitchen with a Large Granite Island
– World Class Amenities, Shuttle To/From PATH
– Asking: $1,250,000

 

1331 GRAND STREET 206, HOBOKEN
(UNDER CONTRACT)
  
– 1273 SF, 2Bed, 2 Bath Condo
– 400 SF Private Patio & Deeded Garage Parking
– Open Floor Plan w/ a Wall of Windows
– Sizable Master Suite w/ Custom Walk-in Closest
– C/AC, Washer/Dryer in the Unit
– Asking: $774,900

 

308 GARDEN STREET 1R, HOBOKEN
(UNDER CONTRACT)
  
– Classic Acrhitecture Meets Modern Luxury
– 963 SF, 2Bed+Den, 1 Bath Condo
– Open Chef’s Kitchen with Breakfast Bar
– Gas Fireplace, C/AC, Recessed Lighting
– Surround ound Wiring, W/D in the Unit
– Asking: 615,000

 

1007 WILLOW AVENUE 4, HOBOKEN
(UNDER CONTRACT)
  
– Sun-Filled 2 Bed, 1 Bath Condo
– Open Floor Plan, 3 Exposures of Windows
– Kitchen and Bath Recently Renovated
– Exposed Brick, Custom His/Her Master Closets
– Extra Storage in Basement, Common Garden
– Asking: $525,000

 

117 BLOOMFIELD STREET 2B, HOBOKEN
(UNDER CONTRACT)
  
– Historic Elevator Building Near The PATH
– Completely Renovated, 636 SF, 1 Bed, 1 Bath
– Beautiful Bay Window, Ample Storage
– C/AC, Washer/Dryer in the Unit
– Asking: 425,000

 

 

REAL ESTATE AND COMMUNITY NEWS

 

 

HUDSON REPORTER HOBOKEN: HOBOKEN NAMED BEST DOWNTOWN IN NORTHERN NEW JERSEY IN ONLINE POLL

“In recognition of its victory, Hoboken will receive a plaque and be placed on a list of Great Places in New Jersey on the Planning Association website. It will join the South Hoboken Waterfront, which was named a Great Public Space in 2013, and Washington Street, which was named a Great Street in 2010.”…
 
 

 

THE REAL DEAL: GOLD COAST DEVELOPMENT

“The Real Deal compiled a list of more than 30 development projects that are either currently being marketed or will come to market in the next two years (see chart). The data came from municipal records, news reports and TRD sources. Of those projects, 24 are in Jersey City. Weehawken, meanwhile, has four, and Hoboken and Edgewater have three each.”…
 

 

HUDSON REPORTER JERSEY CITY: MAKING HEADWAY
“The trip through the golf course showed significant progress, with most of the greens glowing in the bright sun. The views are stunning, especially of the Pulaski Skyway just north of the site. But there are views of Manhattan as well, giving the new course has stunning views and at….”

 

HUDSON REPORTER HOBOKEN: COUNCIL APPROVES $5 MILLION BOND FOR SMART METERS
“The council approved amendments to the Northwest Redevelopment Plan to allow local developer Frank Pasquale to build a seven-story, 10-unit luxury condominium building at Eleventh and Adams streets. The council had approved a redevelopment agreement with Pasquale at its Sept. 3 meeting after significant debate, but the additional amendments were necessary becausw…”

 

HUDSON REPORTER JERSEY CITY: PAULUS HOOK PROJECT CAN PROCEED
“The City Council has voted to change a redevelopment plan to allow a 15 story building near the historic Paulus Hook district of the city. Nearly 20 residents from the area spoke at the public hearing on Oct. 8, but not all were opposed to the development, including members of the Paulus Hook Association, who said the change was a compromise that would help restore Paulus…”

 

HUDSON REPORTER HOBOKEN: WHICH DIRECTION?
“On the sidewalk, RBA proposed additional shade trees, modern benches, 25 foot arm-mounted light posts, way finding signage, and additional Big Belly solar-powered trash cans. The planners noted that Washington Street had already been hailed as a Great Street by the American Planning Association, but argued that their proposed changes would make the street even better.”…

 

JERSEY CITY EATS: DOWNTOWN JERSEY CITY CONSTRUCTION UPDATES
“Over the past year, there’s been a lot of construction going on in Downtown Jersey City as more and more restaurants move in. A couple have opened up, but here’s an update on some of the ones we’re still waiting for.”…

 

 

HUDSON REPORTER HOBOKEN: NEUMANN LEATHERS GETS NEW OWNERS
“In a city that has largely moved away from its industrial past, Neumann Leathers is still occupied by a colorful mix of artists, architects, niche manufacturers, DJs, and vendors. For the past 10 years, though, Bernheim has sought to demolish the complex and allow developers to construct mixed-use developments that would take full advantage of the location near the Hoboken train station.”

 

NJ.COM: CONSTRUCTION ON PATH AIRPORT EXTENSION TO START IN 2018
“Planners and transit advocates say a PATH airport extension would also provide a convenient and affordable commuting option for airport workers in Hudson and Essex counties as well as New York. Environmentalists have embraced the project as a means of reducing automobile traffic.”…

 

HUDSON REPORTER HOBOKEN: SOUTHWEST REHAB AREA GETS NEW PLANNER
“After a two year hiatus, the Hoboken City Council voted unanimously to appoint a new planner for the Southwest Rehabilitation Area this past Wednesday. The area is one of several singled out by the city as in need of revitalization through zoning changes and property condemnation.”

 

 

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.

 

 

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