Jersey City Condos

List to sale price ratio increases in Jersey City downtown

July 9, 2014 by Janice Hall

The ratio of list to sale price for condos in Jersey City downtown is still increasing.

In May 2014 the average list to sale price ratio was 100.29%. The list to sale price ratio is an indication of how close to asking price a seller receives for the listed property. Sellers in May 2014 received an average of 0.29% above asking price. This represents a 1.60% increase over May 2013 when the average was 98.71%, and hence lower than listed price.

Within the past 12 months June 2013 through May 2014, there was a 1.30% average change over the months June 2012 to May 2013. The average list to sale price for 2013 through 2014 was 98.83. The average for the previous year June 2012 to May 2013 was 97.56%.

If you would like to learn more about the Jersey City downtown real estate market call Janice Hall at 201 232 8577

47% of condos sold in downtown Jersey City since Jan 1 fetched asking price or above

June 1, 2014 by Janice Hall

104 of the 221 condos sold in downtown Jersey City since the beginning of 2014 closed at full price or above. 66% or 69 of the 104 condos fetched above list price.

Among the Jersey City downtown buildings that achieved the distinction of closing at above asking price are the James Munroe building at 45 River Drive South where 2 condos closed at 116.8% of list price and 111% respectively, and Liberty Harbour Sutton at 10 Regent Street with a closing at 110.2% of its asking price, and another at 106.4% of list price.

Other Jersey City downtown addresses ranking among the top 10 are 325 4th Street which ranks #1 at 118.7%, 134 Morris at 109.6%, 232 Pavonia Avenue at 108%, 126 Dudley Street at 107.7%, 270 Marin Boulevard at 107%, and 341 Monmouth at 106.4%.

If you are interested in finding out the current market value of your Jersey City downtown condo call me Janice Hall at 201 232 8577.

A home warranty is beneficial when selling your Jersey City condo

May 26, 2014 by Janice Hall

A home warranty can be of tremendous benefit if you are looking to sell your Jersey City condo, or even if you are looking to buy. Home warranties provide a national network of pre-screened service professionals who can make repairs to major home systems and appliances for a small deductible. The repairs are usually guaranteed for 6 months or longer.

Sellers who offer a warranty on their Jersey City condo when it goes on the market are providing peace of mind to their buyers and to themselves. Potential buyers are assured they won’t have to pay hundreds and sometimes thousands of dollars to repair a broken item, and the seller is also covered during the time their home is on the market. What’s more there is no upfront cost to the seller who purchases a home warranty as the warranty is paid for when the sale closes, and is transferred to the buyer for one full year of coverage.

Home warranties provide for repair and replacement in case of mechanical failure of major systems and appliances which are typically not covered by homeowner’s insurance.

If you are interested in learning more about ways to help you sell your Jersey City downtown condo quickly and for the highest possible price, call me Janice Hall at 201 232 8577.

Jersey City downtown condo absorption rate is at a low 1.37

April 16, 2014 by Janice Hall

There is only 1.37 months supply of inventory in the Jersey City downtown condo market. Currently there are 119 condos for sale in downtown Jersey City, and 87 condos went under contract within the past 30 days. This means that if nothing new comes to the downtown market the current supply of condos for sale will run out in less than 2 months. A market with 6 or less months supply of inventory is considered to be a sellers’ market, and sellers in downtown Jersey City are benefitting from low inventory supply with multiple offers at and above list price.

The list price for condos that went under contract within the past month ranges between $400,000 and $1,125,000. The size of the condos between 565 sq. ft. and 1600 sq. ft.

Among the popular addresses for buyers are The Trump Towers at 88 Morgan Street, the Shore Club at 1 Shore Lane, the “A” building at 389 Washington Street, the Portofino building at 65 2nd Street, and the Gulls Cove at 201 Luis M Marin Boulevard. All these waterfront buildings are ideally located within walking distance to the Path train, have Hudson river and NYC views and offer residents amenities such as concierge, doorman, garage parking, gym, club room, screening room, pool and steam room.

If you would like to find out more about the current real estate market in Jersey City downtown call me Janice Hall at 201 232 8577.

105 condos sold in Jersey City downtown since January 1

March 26, 2014 by Janice Hall

A total of 105 condos were sold in the Jersey City downtown market area since the beginning of the year. Of the 105 condos sold downtown, the average sale price to asking price was 98%.

44 condos of the 105 sold to date went for the full list price or over list price. Some of the building that achieved full price or over include: 45 River Drive South at Newport, 10 Regent Street, Crystal Point on 2nd Street, The Portofino building also on 2nd Street, Trump Towers 88 Morgan Street, The Mandalay at 20 2nd Street, The Montgomery Green building at 105 Green Street, 77 Hudson, 311 Washington, and Gulls Cove at 201 Marin Boulevard.

There is a high demand for condos in downtown Jersey City and most of those that go on the market experience multiple offers and bidding wars as the current supply of inventory is low. Most buyers looking to purchase would rather enter a bidding war and offer above list price than wait to find something else because of fear of increasing prices and interest rates.

Currently there are 108 condos listed for sale, and 78 condos went under contract within the past 30 days. This means that the absorption rate is 1.4, or that there is only 1.4 months supply of inventory on the market. What this really means to buyers and sellers is that if no other condos hit the market in downtown Jersey City, given the current rate of sale, the supply of condos will be depleted in 1.4 months.

If you are thinking of selling and need information on the current market conditions call me Janice Hall at 201 232 8577.

The “A” Athena condos Jersey City downtown see increase in price per sq ft

March 18, 2014 by Janice Hall

There is a significant increase in the price per sq ft for the “A” Athena condominium, 389 Washington Street, Jersey City. Unit 30B that sold during week ending March 15, fetched $458,000 or $743.50 per sq ft. The condo was listed at $460,000 and was on the market for 12 days. The last sale in the same building occurred in January with unit 24G that went for $715 per sq ft. The “A” building was built in 2007 and carry amenities such as 24 hour concierge, health club, lounge, and indoor parking.

A total of six condos changed ownership in downtown Jersey City last week, four of which went for 100% of list price and above. Among those that sold at or above list price are condos at The Saffron at 217 Newark Avenue, 1296 sq ft for $685,000, The Chocolate Factory condominium at 319 Barrow, 600 sq ft for $295,999, one at 208 7th Street Condo, 589 sq ft for $248,000, and 242 Barrow St., 502 sq ft for $239,000.

If you would like to know the market value of your Jersey City downtown condo call me Janice Hall at 201 232 8577.

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