Funny, the bloggers at njrereport keep talking about "price reductions" and "incentives" being offered by developers, but if you go to the website of almost any new development on the NJ Gold Coast, you won't find any of these "incentives." Just like the article below. The developer is not offering any incentives. Why should they? More than 10% of the complex is sold out and it won't be ready for another 3 years. No need to cut prices and offer incentives for condos that won't be ready for occupancy until 2010.
$150M Condos Under Construction
By Eric Peterson of GlobeSt.com
Monday, August 06, 2007 -
CLIFFSIDE PARK, NJ-Construction is just under way for Aurora Over the Hudson, a two-tower residential condo development here. The project is being done by Aurora Development, a joint venture of a trio of developers, Pinnacle Downtown of Chatham, Kohl Partners of Teaneck and the locally based Craftex Builders Inc.
Aurora Over the Hudson, located on the Palisades overlooking the Hudson River opposite Manhattan, carries a construction price tag of $150 million. Its 131 units will encompass two- and three-bedroom units in two, 11-story towers. The residences are slated for delivery by the developers in 2010.
And those units will carry an upscale price tag for prospective owners, in a range of $1 million to $2.5 million, reports Mary Boorman, Pinnacle Downtown’s SVP for development, sales and marketing. Formal plans had been unveiled in March after local approvals were cleared, and since then, “we sold more than 10% of the homes before there were even shovels in the ground,” she says.
http://www.cityfeet.com/News/NewsArticle.aspx?PartnerPath=&Id=25343
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