Downtown Jersey City Market Snapshot | Condo Real Estate Sales Recap

For the month of May, downtown Jersey City closed a total of 44 condominium units. Their total Median List Price was $642,444 and their Median Sold Price was $651,500. Their total time on market - Median Days on Market - was just 15 days.

In April, DTJC closed 46 units by comparison and a Median Sold Price of $715,500 - with more luxury sales reported than the month of May.

There are a total of just 92 units available for sale, leaving downtown Jersey City with a current absorption rate of a little over 2 months.

This indicates a sellers market, as at the current pace of sales and low level of inventory, it would just take 2.5 months for all of the units to sell if no other units became available.

Any questions? Email me! And don't forget to leave a comment below!

Make A Great First Impression with A Punch Of Color | Front Doors!

You always hear the term curb appeal. But what does that mean? Simply, it means that when someone walks by or drives by a property, it looks great from the outside. Think of it as a fabulous coat and someone wants to see the whole ensemble.


I found some great ideas for doors. Yes doors. Why doors? Glad you asked! Because in Hoboken and Jersey City, where I sell real estate, you don't really get a chance at curb appeal. All you have is your door. So what better way to make a statement than to punch it up with some great color.

Pink is so unexpected yet it can be chic or sweet. And so many different shades to choose from! I LOVE this door

When choosing a color for your door, think of ways to accent it with either plants or a beautiful door knocker.

And don't under estimate the power of Red. Red looks amazing on almost any brownstone or home. 

What do you think about blue? I think its so elegant here tied in with green - perfection!

And last but not least - this tiffany esque green  is to die for 

What do you think? Now that you see these would you splash up your front door? Please don't forget to comment below! 

Jersey City Real Estate Market Update September 2013

Jersey City Real Estate Market Update September 2013

If I could describe the current real estate environment in downtown Jersey City I would say it's cut throat. To say the market is competitive is an understatement. Multiple bids, acceptances and then cancelling because a new, higher bid came in is the norm. Buyers, you must hire a savvy agent if you are wishing to compete and find a home to call your own. Sellers, as long as you price your home accordingly, you can be confident you will receive your asking price if not better.

Sales: For the month of September DTJC saw a total of 51 units close. The Median List Price was $499,000 and the Median Sold Price was HIGHER at $507,500. This means if you are making an offer on a property, you must, you must must (unless it's overpriced) start at asking price if you are going to be the winning bid. Scary, yes.

Median Days on Market was 28 days.

Pending:
For this same month DTJC 45 units changed their status from active to under contract. Their Median List Price was $549,900 and the Median Days on Market was 28 days.

Downtown Jersey City Real Estate Market Snapshot

Downtown Jersey City Real Estate Market Snapshot

May Condo Sales 2013
For the month downtown Jersey City saw a total of 59 units close. The Median List Price for the month was $525,000 and the Median Sold Price was $520,000.  The Median Days on Market was 27 days. Sales are up from April (49 sales and The Median Sold Price is up 17%!! from April)

Pending Sales
For the same month there were a total of 86 units change their status to Pending. The Median List Price for those units pending was $517,000 and the Median Days on Market was 25 days.

Information deemed reliable but not guaranteed, provided by the Hudson County MLS, and figures reflect condominium sales only.

If you're searching for a home please visit my website and start looking for a condo or brownstone at www.karinaabad.com

Downtown Jersey City Real Estate Market Update - 1st Quarter

Downtown Jersey City Real Estate Market Update - 1st Quarter

Reporting From My Office!

We are full force into the Spring Real Estate Market and downtown Jersey City has made a nice rebound in sales. Let's start with the first quarter of 2013 below.

January:
Jersey City reported 40 condo sales. Their Median List Price was $460,450 and their Median Sold Price was $454,000. Median Days on Market was 27 days.

58 units were reported as pending for January.

February:
Jersey City reported a total of 28 condo sales. Their Median List Price was $499,000 and their Median Sold Price was $472,500. Median Days on Market was 25 days.

49 units were reported as pending for February.

March:
Jersey City reported a total of 54 units sold for the month. Their Median List Price was $499,000 and their Median Sold Price was $479,400. Median Days on Market was 28 days.

56 units were reported as pending for March.

First Quarter Sales Totals
122 Condo Sales
Median List Price for all was $498,944
Median Sold Price was $477,000
Median Days on Market was 28 days.

VS

First Quarter Sales in 2012
81 Condo Sales
Median List Price for all was $420,000
Median Sold Price was $414,000
Median Days on Market was 60 days.

First Quarter Condo Sales in Downtown Jersey City are up approximately 13% from the same time last year.

Thank you for reading my downtown Jersey City real estate market update! If you have any questions please don't hesitate to reach me! And remember you can search on my website for condos for sale at www.karinaabad.com
Check back soon for more updates!

Information gathered from the Hudson County MLS, deemed reliable but not guaranteed. 

Downtown Jersey City Condo Real Estate Update

My monthly downtown Jersey City Real Estate Update for the month of December is here! 

Happy New Year!
Late 2012 downtown Jersey City saw an extremely low amount of homes available driving demand and putting pressure on prices. Since then the amount of homes available has since increased however we are still at an absorption rate of under 3 month's favoring seller's in the current market conditions. Spring is around the corner which will bring even more buyer's out on the hunt therefore increasing pressure unless more inventory can come to market to help ease some of the pent up demand. We shall see indeed! 

So how did we do?

December Sales
For the month DTJC saw a total of 40 condominium units close. The Median List price for those units sold was $462,000 and the Median Sold price was $447,500 or just 3.1% off of asking price. The Median Days on market, was just 29 days.

December Pending 
The same month, DTJC changed 33 units from ACTIVE to PENDING. Of those 33 units waiting to close, their Median List price was $449,000 and the Median Days on Market was 26 days. There are additional units waiting to close that went under contract in November but are probably delayed because of Hurricane Sandy and we will likely see these numbers reflected in January 2013 report.

Also keep in mind that these sales do not reflect additional activity happening in buildings such as 77 Hudson or Hamilton on the Park that sell direct without recording all of the data on the multiple listing service.

Did you move into a home in December? Tell us about it! Are you still looking?

Information provided by the Hudson County MLS, deemed reliable but not guaranteed. 

Thank you for reading my downtown jersey city condo real estate update, please check back for regular posts and information.

Crystal Point Jersey City Price For Sale

Crystal Point Jersey City Price 

Crystal Point Jersey City, downtown Jersey City's latest buzz, well, really people haven't stopped talking about it since their grand opening in 09 - is selling out.

Crystal Point is one of the latest additions to the downtown Jersey City skyline. Boasting a crystalline exterior of floor to ceiling glass and 42 stories into the sky, it is truly a "waterfront" luxury property at just 25 feet from the shore line.

Crystal Point Prices:
As of today, February 16th, 2011, Crystal Point has sold out of their three bedroom inventory. They currently have one and two bedroom units left.



The One Bedrooms range from 800 square feet to 1050 square feet and they all offer views (the entire building does). They start at $525,000 and go up to $825,000. Maintenance Fees will range at about .57 cents per square foot, so it will depend on the size of your unit.

The Two Bedrooms range from 1371 square feet to 1586 square feet, again all with water views. They start at $975,000 and go up to the range of $1.6Million. Maintenance fee charges are about .57 cents per square foot.

Tax Abatement - the building has been granted a 30 year tax abatement at an unbelievably discounted rate of 0.9% (!?!??) and in it's max will go up to 1.3%

Quick Crystal Point Details:

• 269 residences
• New construction ground up
• Concrete supports
• 42 stories
• Floor to Ceiling Glass
• On site parking
• 1, 2 and 3 bedroom layouts ranging from 800 square feet to 1817 square feet 
• Every unit features a view of the water
• SMART home technology 
• Over 75% sold 
• Best Tax Abatement (seriously)
• One Valet Parking Space included for owners

Crystal Point Amenities:

• Spa - Crystal Point has included a spa outfitted with sauna, thermal bath, steam room and treatment room for those wanting to bring in their own masseuse 
• Fitness Center - premium weight training and aerobic training equipment along with the space for yoga classes and more
• Outdoor Pool and Hot Tub with Sun Deck and views of the Hudson River, BBQ, private dining area and private cabanas, fire pits and children's play area
• Game Room - Billiard and Poker Table
• Lounge with catering kitchen for parties, flat screen television, kids room and a private screening room
• Concierge 
• Valet Parking
• Lobby Level Dining - Restaurant 

Availability is changing since the building now has just the final 60-70 units left. Sales activity has been strong in this luxury condo building with it's unique features and locations. For availability requests and appointments simply send an email to Kairnaa@remax.net

Jersey City Condo Sales - 2010 Market Update

Jersey City Condo Sales - 2010 Market Update

December Condo Market Update - Downtown Jersey City(Let's start with how we ended the year)


Sales:
For the month downtown Jersey City saw a total of 35 units close. Of those 35, 14 were one bedrooms; 16 were two bedroom homes; 4 were three bedrooms and finally one 4 bedroom sold.

Median list price for the month was $439,000. Median sold price was HIGHER than the list price - at $450,000. Average days on market was 91 days.

Pending:
29 Units are pending for the month. Median list price for the month is $465,000, average days on market for those under contract is 89 days.

Currently there are 298 total active units.

2010 Overview

Downtown Jersey City is performing at about half the pace of Hoboken Sales. However, with that said, downtown Jersey City has many luxury condo buildings with private sales offices that do not list their inventory on the MLS therefore making it more difficult to track.

In 2010, a total of 363 Sales were recorded on the MLS. April, May June and July did not see a huge surge in sales as a result of the tax credit but has remained at a monthly sales average of around 30 units per month.

The median list price for the year, was $449,000, the median sales price was $429,000.

How long before we sell all the inventory?
If we take the average sales and divide it into the year, the absorption rate for downtown Jersey City is at 10 months. 
A more recent picture, by taking the last 6 months, inches down the absorption rate slightly to 9 months.

Jersey City | Real Estate | Market | Snapshot

Downtown Jersey City Real Estate Market Snapshot

Downtown Jersey City saw a much more modest number in sales compared to Hoboken. The total number of units sold for the month of February was 21, identical to January's sales numbers of 21. Slightly better number in pending sales of 31 units. At a pace of 21 units a month, downtown Jersey City currently has a 16 month supply of homes on the market. Average days on market for those sold is 86, shorter than for those pending. This could be attributed to the amount of short sales in the area that are taking longer to close.

Jersey City Sold - Click to view units sold for the month
Total # of Listings
21
Lowest Asking Price
$165,000.00
Average Asking Price
$409,600.00
Highest Asking Price
$677,900.00
Lowest Sold Price
$150,000.00
Average Sold Price
$390,071.00
Highest Sold Price
$645,000.00
Average Price/Sq Feet
$405.04
Average Days On Market
86

Jersey City Pending - total pending units
Total # of Listings
81
Lowest Asking Price
$199,000.00
Average Asking Price
$455,325.00
Highest Asking Price
$999,000.00
Average Price/Sq Feet
$420.75
Average Days On Market
106

These numbers are based solely on condomonium sales and do not reflect, single families, multi families or other properties, including private developer sales which are not all publicly available on the Multiple Listing Service.

Another new construction project goes to Auction - Jersey City

Downtown Jersey City. Nestled on Newark Ave, just a short walking distance to the Grove St PATH, and on restaurant row, The Saffron, built by Fields Development Group, a brand new construction project of modern condominium residences is now almost complete and Sheldon Good & Company has started advertising that it's auctioning it's first few residences off to the highest bidder.  Opening bids will start at $175,000 for 1 bedrooms and $250,000 for two bedrooms. This brand new building offers all new, never lived in units some with terraces and views, all have modern kitchens and bath with stainless appliances, washer and dryer in unit, bamboo flooring and a shared gym, lounge and roof top deck.  The project is split up into two buildings, sharing a very modern chic lobby with earthy elements, the Newark building and The Maxwell. The units are actually pretty nice, however some are a bit small and don't offer much of a living room. They're also very modern, so if you like traditional period details like molding and exposed brick/wood work - this isn't for you. 

How do auctions work? Typically the owners select a few or sometimes all residences to be auctioned off. This doesn't mean however, that if a unit has an opening bid say of $150,000 it will necessarily be sold to the highest bidder at $250,000. The builders reserve the right to deny a sale in most cases. So what you need to know, as the buyer, is how many units will be sold absolute - that means, sold regardless of price. 

In this instance, The Saffron, will sell 9 units absolute at their upcoming auction Sunday November 8th. That means that 9 buyers will name and pay their own price.

It is also a good idea to work with a real estate agent when buying in auction. Contrary to rumors, this will not hurt your buying price. Why do you want a real estate agent in these cases? A real estate agent knows the current market and can flat out tell you what the market value of a unit or units currently are. This will ensure you not overpaying. Auctions can sometimes deceive your perception by thinking that you're getting a great price, however bidding can sometimes move very quickly and price escalates.. if you have a realtor with you they can guide and say "hey, we're at $600 a sq foot, that's above market, let's wait for another unit."

Some things you'll need to know to attend and/or buy a unit being auctioned. 

Terms: in every auction I've seen, a deposit is required the day of. Usually this is in the form of a certified check - which is like cash. The Saffron is requiring $10,000 hard cash for one of their one bedrooms, and $15,000 for one of their two bedrooms. 

Closing: Sometimes you might have to adhere to their closing date requests. In this case, The Saffron is offering an incentive to close quickly - by November 23rd, 2009 (which would make you eligible for the 1st time buyer tax credit) to receive an additional 2% discount. 

Mortgage: I haven't seen any auctions require you to use their preferred lender, however I have seen some big incentives for doing so, sometimes this can be a good route and work in your favor. Again, having a real estate agent help you through this can save you a lot of money.

Attorney Review: Still the same as with a normal sale, however with new construction it will most likely be a different, new construction contract in which case you'll want a good real estate attorney to review.

You can preview The Saffron at their open houses only. They are October 11,17,18,24,25 & 31. November 1 & 7th. The auction itself will be held at a different location and registration is required. 

If you're interested I highly recommend using an agent. If not, it's a cool learning experience to attend one of these to see how they work..

I'll be attending if you're interested in coming along!!

See more of Sheldon Good's upcoming auctions at www.sheldongood.com