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

 

HUDSON REALTY GROUP’S

 

MONTHLY REAL ESTATE UPDATE
 
FEBRUARY 2014 EDITION

YOUR SOURCE FOR HOBOKEN AND JERSEY CITY REAL ESTATE

HALSTEAD’S INNOVATIVE MARKETING

Social media gives Halstead Property additional avenues to inform, educate, and even entertain.We welcome you to connect with Halstead’s 32k+ Twitter followers and the 20k+ Facebook followers.
Here are the current social media initiatives in which Halstead is actively engaged:

 

MORTGAGE RATES

BANKRATE.COM: INTEREST RATE ROUNDUP

Mortgages  | 4.48% (30-year fixed)  | 0.33 (avg points)
   
Mortgage rates climbed this week as investors seemed optimistic after new Federal Reserve Chair Janet Yellen reassured Congress that the economy continues to grow.   The 30-year fixed-rate mortgage rose 5 basis points to 4.48 percent. A basis point is one-hundredth of 1 percent. The 15-year fixed-rate mortgage rose 3 basis points to 3.53 percent. The average rate for a 30-year jumbo mortgage rose 3 basis points to 4.5 percent. A jumbo mortgage is generally a loan of more than $417,000. The 5/1 adjustable-rate mortgage rose 5 basis points to 3.32 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

HUDSON REALTY GROUP LISTINGS

SEARCH MLS LISTINGS

612 GARDEN STREET, HOBOKEN
   
– Developed and Designed by Hudson Realty Group
– No Expense Spared, Complete Gut Renovation
– Single Family Townhome with 5 Bedrooms, 5.5 Baths
– 3850 SF of Living Space Over 4 Levels
– 2-Tiered Garden w/ Bluestone Patio & Reclaimed Brick
– Custom Cabinetry with Thermador Appliance Package
– Fixtures from Waterworks, Toto, Hans Grohe and Kohler

– Ann Sacks, Waterworks, Artistic Tile, Walker Zanger Tiles

– Oversize Marvin Windows and Doors Throughout

– Wired for Distributed Audio with SONOS System  

– White Roof w/ 3.75 kW Photovoltaic Solar Panel System
– Whole House Natural Gas Back-Up Generator
– 4 Skylights, Central Vac, Video Entry and Intercom System

– 2 Gas Fireplaces Surrounded by Built-in Cabinetry

– Asking: $3,000,000

SKY CLUB, 700 1ST STREET 12L, HOBOKEN
OPEN HOUSE SUNDAY 2/23 FROM 2:00-4:00PM

 

– Modern 900 SF, 1 Bedroom, 1 Bath with a Balcony
– Amazing Views of NYC from the 12th Floor
– Spacious Living Room with Generous Open Kitchen
– Brazilian Floors, Central AC, W/D in Unit
– 24Hr Doorman, Shuttle to PATH, On-site Health Club
– Asking: $499,900

M650 FLATS, 650 MONTGOMERY STREET 303, JERSEY CITY
     
– Award Winning Adaptive Reuse Development
– Custom-Built and Designed by Brunelleschi Construction
– 1025 SF, 1Bed, 1 Bath
with Exceptional Modern Design
– Italian Kitchen Cabinets, Bosch Appliances

– Exposed Brick, Dark Bamboo Hardwood Flrs, CAC, W/D

– Virtual DM, Common Roof-deck, Garage w/ Bike Storage

– Asking: $399,900

66 MADISON STREET 2, HOBOKEN
(UNDER CONTRACT)  
– True 3 Bedroom Condo with a Desirable Layout 
– 1336 SF, 3 Bed, 2 Bath Condo with Tandem Parking 

– Separate Living Room w/ Bay Window & Abundant Light
– Open Renovated Kitchen with an Expansive Dining Area
– Central HVAC, Crown Molding, Recessed Lighting, W/D
– Asking: $625,000

THE BAKERY LOFTS, 176 SHERMAN AVE PH1, JERSEY CITY
(UNDER CONTRACT)   

– One-of-a-Kind Penthouse Loft at The Bakery Lofts
– 1642 SF Interior and 400 SF Exterior Living Space
– 11′ Ceilings, 19 Windows, Unobstructed Views of NYC
– Currently a Loft Space, Easily Configured into 2 or 3 Bed
– Central/AC, W/D in the Unit, 2 Deeded Parking Spaces
– Asking: $549,000

 Hudson Realty Group has exceptional knowledge of the Hoboken real estate and Jersey City real estate markets.  Our expertise includes: condosbrownstoneslofts and new developments

REAL ESTATE AND COMMUNITY NEWS

ARCHITECTURAL DIGEST: NEW YORK CITY WELCOMES ONE WORLD TRADE CENTER TO ITS SKYLINE

“The New York City skyline has a new king. One World Trade Center, designed by Skidmore, Owings & Merrill and now nearly complete, tops off at a majestic 1,776 feet (a nod to the year the U.S. declared its independence), earning it the title of tallest building in the Western Hemisphere. Its height includes a 408-foot spire, which was officially deemed part of the architecture and not, as some argued, a superfluous antenna. That needle serves as an elegant crown for the 104-story glass tower, which rises from a square footprint but angles inward after the 20th floor, creating a crystalline form consisting of eight isosceles triangles, each a gleaming curtain wall. A striking beacon for the World Trade Center complex (and the future home of Architectural Digest and other…”

NJ.COM: FORBES MEDIA JOINING OTHER HIGH-PROFILE BUSINESSES IN MOVING TO JERSEY CITY“Whether to take advantage of lucrative tax breaks or cheaper rents, high-profile businesses have relocated to Jersey City in recent years, and not just to the gleaming Downtown skyscrapers. Goya Foods, of Secaucus, is building an enormous headquarters on County Road. Wholesale meat purveyor DeBragga & Spitler moved to Amity Street from Manhattan’s meatpacking district in 2011. And now Forbes Media is planning to cross the Hudson…”
NJ.COM: ROCKEFELLER GROUP, NJ TRANSIT AGREED TO BUILD NEW LIGHT RAIL STATION BUT LEFT HOBOKEN MAYOR IN THE DARK, REPORTS SAYS
“The Rockefeller Group struck a “memorandum of understanding” with NJ Transit last year to build a new light rail station near its property in the northern section of the city, The New York Times reported on Thursday. Hoboken Mayor Dawn Zimmer didn’t know about the agreement, city spokesman Juan Melli told NJ.com. The city has filed an Open Public Records Act request to obtain the…” 
“This week Mayor Steven Fulop announced that the Jersey City Redevelopment Agency and the City would seek proposals for restoration, renovation and professional management of the Loew’s Theater, in an effort to make the historic institution a Mecca for arts again. “The Loews Theatre will be the centerpiece of the revitalization of Journal Square,” Fulop said. “A world class performance venue will not only bring life and culture back to Journal Square, but will be a magnet for addition development…” 

WSJ.COM: HFF CLOSES SALE OF 217- UNIT 800 MADISON IN HOBOKEN, NEW JERSEY TO DSF GROUP

“HFF marketed the property on behalf of the seller.  The DSF Group purchased the asset free and clear of existing debt. Spanning an entire city block between Madison and Monroe Streets, and 8th and 9th Streets, the property has a prime location in the growing northwest section of Hoboken.  The property also benefits from its location one block from the Hudson-Bergen light rail stop and adjacent to a large grocery store.  Completed in 2008 with condominium level finishes, the property is 99 percent…”

NYDAILYNEWS: PORT AUTHORITY TO SPEND $1.5 BILLION TO EXTEND PATH SERVICE TO NEWARK AIRPORT BY 2024

“A project that would allow for a single train ride between Manhattan and Newark Airport has finally received the funding needed to get on track. A Port Authority committee released a 10-year capital plan on Tuesday that includes $1.5 billion to construct an extension that would bring PATH train service into the NJ airport. Existing PATH service runs from multiple points in Manhattan to Hoboken and to Newark, but the rails do not link…”

HUDSONREPORTER HOBOKEN: CITY TO DETERMINE FUTURE ROCKEFELLER PROPERTY – WILL REQUEST PROPOSALS FOR DEVELOPMENT ZONE AT NORTH END OF TOWN“The city of Hoboken will soon issue public requests for planning and design firms to submit concepts for how specifically the city’s North End Redevelopment Zone should be developed, officials said last week. The Requests for Proposals (RFPs) will be issued in the coming weeks, and the city is hoping to award a contract soon after passing its 2014 budget, according to city spokesman Juan Melli.”…

HUDSON REPORTER JERSEY CITY: START OF SOMETHING BIG – LAND CLEARED TO MAKE WAY FOR ‘J2’ DEVELOPMENT

“The massive project is the next step in revitalizing the area around the Journal Square PATH and bus station, ushering the district into a new era and allowing it to compete with the Jersey City waterfront for prestige as an urban hub.The City Council voted in November to approve a 30-year tax abatement for the project. The project fulfills a campaign promise Mayor Steven Fulop made last spring when he said his administration would push ahead…”

HUDSON REPORTER HOBOKEN: ROAD TO SUCCESS? VIADUCT RESTORATION INSPIRES NEW DEVELOPMENT OPPORTUNITIES

“The rebuilding of the 14th Street Viaduct that allows traffic to access Hoboken from Union City and Jersey City Heights may alter the developmental landscape in a way few could have predicted a decade ago. Long seen as outdated, the bridge-like structure serves as a conduit for vehicle and pedestrian traffic to and from the top of the Palisades, its base seated at the western edge of 14th Street in the northern portion of the city. It is…”

NJBIZ: NEW MARRIOTT COMING TO JERSEY CITY BRINGING 150 PERMANENT JOBS

“A new 276-room Marriott hotel is coming to Jersey City, bringing more than 900 construction jobs and more than 150 permanent jobs to the state’s second-largest city. Construction on the project, announced Monday by city officials, will begin in the fourth quarter of this year and will be located in the Liberty North Harbor Redevelopment Area, near Liberty State Park and the Liberty Science Center. The 16-story, full-service hotel will operate under the flagship Marriott Hotels brand and is expected to be similar…”
“According to information provided by Starr Whitehouse, residents’ top amenities included an open lawn, some type of amphitheater, shade trees, stormwater management, and a dog run. Things many residents said they did not want in the new park included a playground and areas for athletic recreation and bike infrastructure. Of the residents surveyed, 100 percent said they were interested in the inclusion of a bench seating area with trees, lawns, shrubs and a rainwater garden. 75 percent said they were in favor of restrooms and a play area, 50 percent said they like…” 

NYTIMES: IN HOUSING, BIG IS BACK (NOT COUNTING THE EXTRAS)

“When it comes to new homes, bigger is again better. The median size of new homes built for sale peaked in 2007 at 2,295 square feet, then fell to 2,159 two years later, after the housing crisis hit. But the appetite for ever-larger homes has returned: In 2012, new homes reached a new peak of 2,384 square feet and…”

NYTIMES: HOW PRESSURE MOUNTED FOR DEVELOPMENT IN HOBOKEN

“…according to newly obtained emails sent among the participants, the first topic of discussion on the agenda was “review of concepts for flood control measures at Rockefeller property,” a reference to a billion-dollar office complex proposed at the north end of town. The developer, the Rockefeller Group, which had long been trying to gain approval from local officials, sent two executives, two lobbyists and an engineer to the meeting”…

HUDSON REPORTER JERSEY CITY: BUILDING A BUILDING WITH SOUL – MACK-CALI AND IRONSTATE WANT TALLEST RESIDENTIAL DEVELOPMENT TO BE A NEIGHBORHOOD“Called URL (Urban Ready Living) Harborside, the 69-story multi-family residential tower will provide 763 contemporary rental residences along the Jersey City waterfront.The URL concept was developed by Barry to provide people with innovative housing that maximizes space, reduces energy use, provides close and easy access to public transit, and serves the community with cafes…”

CITY OF HOBOKEN: HOBOKEN OPENS NEW SECTION OF HUDSON RIVER WATEFRONT WALKWAY

“With the opening of this walkway, Hoboken now has a continuous waterfront multiuse path from the Jersey City border to our skate park at Castle Point for our active community to enjoy,” said Mayor Dawn Zimmer. “Thanks to decades of work by committed activists, our waterfront is already the envy of the state. I look forward during the next few months to working with the community to redesign central Sinatra Drive into a safe and attractive destination for everyone to enjoy.”…

HOBOKEN AND JERSEY CITY REAL ESTATE MARKET REPORT

2H2013 MARKET RECAP

Hoboken and Downtown Jersey City prices have continued their upward trajectory and have now exceeded previous rec-ord highs achieved before the financial collapse of late 2008. After several years of relatively stagnant pricing, 2013 brought a surge in condo pricing of 10-11% over prices seen just a year before. In 2013, the average price for a Hoboken condo was $572,000, up 15% from 2010 and in Downtown Jersey City, the average condo price in 2013 was $541,000, up 22% from the low in 2009. Driven by a recovering economy, low interest rates and a general consensus that prices are on the rise, buyers often found themselves competing for choice properties and paying above the seller’s asking price.

Multiple offer situations were also commonplace in the townhome market, driving pricing up and leaving many buyers without a property at the end of the year. 2013 average townhome pricing in Hoboken was $1,232,000, up 16% from 2009 lows and Downtown Jersey City townhome prices increased a dramatic 41% from 2009 to 2013.

Looking ahead to 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 in-crease in property values, we also expect to see an increased volume of activity in 2014 now that homeowners that pur-chased in 2005-2007 are regaining equity in their properties.

Thanks for reading our newsletter! 

 

Please don’t hesitate to contact us if you have any questions, comments or concerns.

Peter Cossio             Clare Cosio           Lindsey Brown            Matt Brown

Hudson Realty Group at Halstead Property

  

hudsonrealtygroup@halstead.com

 

201.478.6709

                
 

DISCLAIMER: ©2013 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

79 Hudson Street 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