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 of 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 23 8577.
