Condo buyers in the Jersey City downtown area have little or no room to negotiate in today’s market. With limited inventory and many buyers looking to find a condo to purchase before interest rates increase further, buyers are making full-price offers or above in the hope of clinching the deal.
When interest rates increase, buyers’ affordability decreases, and today’s buyers are aware of the difference a 1% increase in rates will make in their monthly mortgage payment. Just last week, 13 condos sold in the Jersey City downtown area; 5 closed at 100% or more of sale to list price.
Noticeably among them is the condo at Crystal Point, 2 2nd Street, that sold at $1,617,500, some $67,500 above the list price of $1,550,000. Similarly, a condo at 70 Essex Street sold at $725,000, which is $50,000 above the original list price of $675,000. Some 9 of the 13 condos sold in less than 30 days, and 12 in under 45 days. If you are in the market for a condo in Jersey City and need help in finding a place to call home, call me, Janice Hall, at (201) 232-8577.
