Friday, February 20, 2015
Jersey City and Hoboken Real Estate Market Recap: Feb 20, 2015
For families looking for a single family, I would highly recommend 208 5th St. Listed at $1.269MM, this "20 foot wide home with four stories of living across from Church Square park" could be a very beautiful 4 bedroom, 2.5 bath (plus a bonus finished basement) single family. I toured it with an investor client thinking it was a tear down/gut, and I was surprised to find it is currently habitable (someone lives there now). Sadly, according to the listing agent, only investors had seen the home so far. It needs work... quite a lot of it, but someone can own it and make it their own, spectacular home. In past several months, this is one of the best condition homes I have seen in this price point, under $1.3M. For buyers who need some help with renovations, I can guide you through the process, from zoning and architect recommendations, to contractors and designers. (Sqft clarification: the 3 floors above ground add up to 2100 sqft. The basement is finished, but post-Sandy, it is not supposed to be marketed as sale-able. However, because of that loss, owners have been able to apply for a variance to build another level (typically with set backs), which works as an option, with option value).
In condo news, three units came to the market at 415 Newark this week. This building stands to partially lose NYC views once the Hoboken Railyards redevelopment project gets underway and an up to 13 story residential building springs up across Observer Highway. Still, for the amenities, they are very reasonably priced compared to the competition.
In Jersey City, prices continue to hit new highs, especially in Paulus Hook, where non waterfront units are approaching $700/sqft. One such unit, which refused to rent for a month or so, was put up for sale and went into contract within the week (the listing agent is my colleague, and I recommended the owner update the appliances, the only change they made apart from the staging). Potential sellers: This goes to prove, the sale market is HOT, rental market not necessarily so, and small updates can result in big payouts. Do you really want to be a small landlord?
700 Grove has two minor price changes. After nearly 2.5 years, their parking garage is expected to reopen on Monday evening. Some lenders still will not finance the building. However, expect to see more listings in the building come to market.
Jersey City 07302 snapshot
Jersey City 07310 snapshot