HIGH-ROLLER HIGH-RISE
Monday, August 20, 2007
By JARRETT RENSHAWJOURNAL STAFF WRITER
Condos get Hudson's top dollar
Who says the real estate market is cooling off?
It's still red-hot on the Hudson County waterfront, where a high-roller has purchased two condos on the top two floors of a Jersey City development at a whopping price tag of just more than $6 million. It's believed to be the highest price paid for a condo in the city's history.
Even if sold separately, either likely would have fetched more than $2.3 million, the previous record for a condo sold in Jersey City.
The unnamed buyer reportedly plans to merge them into a lavish two-story penthouse at the top of the 49-story building. Once completed, the two-story penthouse will measure 4,188 square feet. That translates to roughly $1,400 a square foot.
The purchase was made at K. Hovnanian's 77 Hudson St. development. The developer announced the sale last week but refused to divulge any details about the buyer - only about the development itself.
"The sophisticated design, hotel-quality amenities, luxury materials and finishes at 77 Hudson are exactly what buyers are seeking," said Tom Graham, of K. Hovnanian Homes, in a press release boasting about the sale.
Gershon Adjaye, a broker who deals with high-end real estate in Hudson County for Keller-Williams, said the price per square foot is on the high end in the county - but it's still a steal compared to prices in the New York City market.
"The truth is the square foot price is still much less expensive than penthouse condos in New York, which don't offer the same views," said Adjaye, who is not associated with the sale.
K. Hovnanian Homes opened 77 Hudson St. for VIP sales two weeks ago, with more than 300 appointments set for the initial sales release of condos.
Approximately 50 percent of the 100 residences released already have been sold, ranging in price from the upper $400,000s to $6.07 million. Thirty percent of sales have been broker generated.
http://www.nj.com/news/jjournal/index.ssf?/base/news-4/1187589594256230.xml&coll=3
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8 comments:
great site! this will be the main blog for new jersey real estate market.
Donald,
Hey, you pulled your listing!
Realize you DON'T live on the Gold Coast?
Realize you won't get anywhere near asking?
Or are you listing it next spring hoping for that "Spring Bounce" that never appeared last year?
I will be re-listing my house next spring. Keeping it on the market during the fall and winter is a complete waste of time. 2008 will be a much more promising year for real estate.
Even if I don't live on the Gold Coast (I am not saying I do not), it does not matter because I am still in Bergen County. Like it or not, but prices in Bergen will always be high. If you are looking for a bargain, there are plenty of nice homes in Essex and Passaic Counties.
Cliffside Park is not the "Gold Coast".
Too bad it didn't have concrete information...
Work on that
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