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Hudson Realty Group's Monthly Real Estate Newsletter for September 2014

HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
SEPTEMBER 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: MORTAGE RATES RISE AS FED MEETS

Rates: 4.33% (30-yr fixed)
  

“While the Federal Reserve discussed eventual changes to its monetary strategy, mortgage rates continued to march higher this week. An upbeat report from retailers and new debt issued by the Treasury also helped to buoy rates, but the 2014 outlook remains favorable for borrowers.”…
 

 

HUDSON REALTY GROUP LISTINGS

SEARCH MLS LISTINGS

 

 

1125 MAXWELL LANE 1113, HOBOKEN
OPEN HOUSE SUN 9/21 FROM 1-4pm
   

– Corner Condo at Maxwell Place with Parking
– 1675 SF, 2Bed+Den, 2.5 Bath, Balcony
– Wall of Windows, Spacious Open Kitchen
– 2 En-Suite Bedrooms, Custom Closets
– World Class Amenities, 24HR Concierge
– Asking: $1,599,000

 

1100 MAXWELL LANE 616, HOBOKEN
OPEN HOUSE SUN 9/21 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
– Elevator, Full – Service Amenity Building
– Asking: $799,000

 

308 GARDEN STREET 1R, HOBOKEN
OPEN HOUSE SUN 9/21 FROM 1-3PM
  
– 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

 

1025 MAXWELL LANE 1110, HOBOKEN
   
   

– 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

 

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

 

612 GARDEN STREET, HOBOKEN  

(UNDER CONTRACT)

  
– 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

 

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

 

704 BLOOMFIELD STREET 2, HOBOKEN
(UNDER CONTRACT)
  
– 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

 

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

 

400 9TH STREET W3L, HOBOKEN
(UNDER CONTRACT)
  
– 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
(UNDER CONTRACT)
   
– 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

 

 

REAL ESTATE AND COMMUNITY NEWS

 

 

MATT BROWN & PETER COSSIO QUOTED IN THE NEW  YORK TIMES: LIFE AFTER BROOKLYN
“We have noticed a growing trend of more people that are priced out of Brooklyn that have been driven our way,” said Matt Brown, a broker at Halstead Property in Hoboken, who along with his business partner, Peter Cossio, is a proponent of the area’s townhouse stock, proximity to Manhattan and lower prices.”…

 

HUDSON REPORTER HOBOKEN: LOFT IN THE SHUFFLE

“The residential building at 11th and Adams streets will bring nine new three- and four-bedroom apartments and one two-bedroom to the city, but at a level of luxury beyond the price range of most local families. A raft of environmentally friendly features will place the project on the cutting edge of sustainable design…”

 

THE REAL DEAL: RENTING MORE EXPENSIVE THAN BUYING IN MOST US METRO AREAS
“Unlike the housing market, rentals did not suffer a large drop in prices following the financial crisis, and so rental rates have steadily trended upwards. Renters, the study found, spend 29.5 percent of their income on rent on average, compared to buyers who spent 15.3 percent on…”

 

NJ.COM: JUDGE OK’S SITE PLAN FOR CONTROVERSIAL ‘MICRO-UNIT’ IN JERSEY CITY
“Construction on the five-story building is expected to begin next spring at the corner of Bright and Varick streets. Rushman-Dillon believes the compact units, smaller than 400 square feet each, will attract recent college graduates and other young, urban professionals to the area. The development will include zero parking spaces.”…

 

HUDSON REPORTER: A PATH OUT FOR PARKED-IN HOBOKEN?

“The planning firm hired by Hoboken to prepare solutions to the city’s parking shortage presented a draft version of their Master Parking Plan to the public at a meeting on Tuesday. The potential changes, which range from repainting curbs to building new garages, are intended to be executed over a five-year period.”…

 

NJBIZ: MEADOWLANDS BUSINESS LEADERS OFFER $1.2B PLAN FOR SPORTS COMPLEX THAT INCLUDES CASINOS, HOTELS AND MORE
“Still, Kirkos said “this isn’t only about gaming — this is about the entirety of the complex.” Speaking Tuesday at a presentation and news conference in Carlstadt, he outlined “the next…”

 

NJBIZ: $141M RESIDENTIAL TOWER PLANNED FOR JERSEY CITY WATERFRONT; DEVELOPER SEEKING TAX ABATEMENT
“The proposal calls for a mixed-use project with 448 market-rate residential units, 5,290 square feet of commercial space and 544 parking spaces in the waterfront area just north of Liberty State Park, according to the memorandum.”… 

 

NJ.COM: HOBOKEN RESIDENTS HAVE THEIR SAY IN HOW WESTERN EDGE SHOULD BE DEVELOPED
Comments at the various stations, which displayed colorful informational posters, included: 
— “Must have more commercial and less residential percentages in Hoboken. Larger 3-bedroom units must be in residential built.” — “Add a light rail stop @ 14th Street!” — “We should resolve the flooding issues before anything.”…

 

NJBIZ: NORTH JERSEY INVESTMENT SALES BOOMING IN 2014, RESEARCHERS SAY
“Based on activity through the first half of the year in Bergen, Essex, Hudson, Middlesex, Passaic and Union counties, Massey Knakal projects North Jersey will finish 2014 with 1,324 transactions totaling $4.85 billion in value. That would represent upticks of 44 percent in transaction volume and 17 percent in dollar volume from 2013.”…

 

NJ.COM: $10M BRIDGE CONNECTING DOWNTOWN JERSEY CITY TO LIBERTY STATE PARK CLOSER TO REALITY
“State officials are moving ahead with plans to construct a $10 million extension of Jersey Avenue into Liberty State Park in Jersey City. The proposed roadway would cross the Morris Canal, giving motorists a shortcut to Liberty State Park from Downtown Jersey City. It would also relieve congestion on the New Jersey Turnpike…”

 

NJBIZ: NEW JERSEY CITY UNIVERSITY PLANS $42M EXPANSION
“New Jersey City University is planning a $42 million construction project on 22 acres of land that will include a new residence hall and an academic building. “The academic building is designed predominately for the music and theater program,” …

 

 

 

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