Living on the Hudson» Condo Buying http://blog.livingonthehudson.com Hoboken Resource for Buyers & Sellers Tue, 07 Sep 2010 21:01:53 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Jersey City Waterfront Condos Maintenance Fees & Taxes http://blog.livingonthehudson.com/2010/08/30/jersey-city-waterfront-condos/ http://blog.livingonthehudson.com/2010/08/30/jersey-city-waterfront-condos/#comments Tue, 31 Aug 2010 03:10:48 +0000 Walter Burns http://blog.livingonthehudson.com/?p=2184 Currently there are three major downtown Jersey City waterfront high-rise condos which are currently being sold as new construction. They are 77 Hudson, Crystal Point, and Trump Plaza Residences. I find that many buyers who look at one of these buildings usually has interest in seeing the others. Commons questions that I hear are regarding the taxes and the maintenance fees for each of these buildings.

77 Hudson Condos in Jersey City

77 Hudson Condominiums Jersey City NJ

77 Hudson is a high-rise new construction condominium project developed by K. Hovnanian in the Paulus Hook/Exchange Place section of downtown Jersey City.

  • The monthly maintenance fees for 77 Hudson break down to about $0.71 cents per square foot. This includes heat, hot water, water, gas, common insurance, as well as all of 77 Hudson’s common amenities like 24 concierge, outdoor pool, fitness center and resident’s lounge.
  • 77 Hudson has a 20 year tax abatement. Taxes will be based upon the purchase price of each unit and assessed by the City of Jersey City. The estimate for the annual taxes is approximately 1.65% to 1.7% of the sales price.

Trump Plaza Residences in Jersey City

Trump Plaza Condos in Jersey City NJ

Trump Plaza Residences is a 55 story high-rise new construction condominium building located at 88 Morgan St. in Jersey City. It was developed by Metro Homes LLC and is located in the Exchange Place section of downtown Jersey City.

  • The monthly maintenance fees for Trump Plaza are currently $0.71 cents per square foot which includes water, common insurance, basic cable/internet, and all of Trump Plaza’s common amenities like 24 hour doorman, concierge, fitness center, resident’s lounge, outdoor pool, game room, and indoor Roman spa.
  • Trump Plaza has a 20 year tax abatement. Taxes will be based upon the purchase price of each unit and assessed by the City of Jersey City. The estimate for the annual taxes is approximately 1.65% to 1.7% of the sales price.

Crystal Point Condos in Jersey City

Crystal Point Condos Jersey City NJ

Crystal Point is the only downtown Jersey City condo building that literally sits on the banks of the Hudson River, 25 feet from the water’s edge. It was developed by Fisher Development Associates and is located at 2 2nd St. near Exchange Place in downtown Jersey City.

  • The monthly maintenance fees for Crystal Point are currently $0.57 cents per square foot. This includes water, hot water, gas, valet parking for 1 car. Also included are Crystal Point’s common amenities like 24 hour concierge, outdoor pool, indoor whirl pool, resident’s lounge and fitness center.
  • Crystal Point has a 30 year tax abatement. The taxes will be based on the purchase price of each condo and assessed by the City of Jersey City. In years 1-5 of ownership the taxes are approximately 0.9% to 1.1% of the purchase price. In years 5-10 of ownership, the taxes adjust to approximately 1.3% of the owner’s original purchase price. In years 10-30, the taxes adjust to approximately 1.4% of the owner’s original purchase price.

All of these taxes figures are just estimates. I recommend contacting the City of Jersey City Tax Assessor’s Office with specific tax related questions.

If you have any questions about these Jersey City waterfront condo buildings, feel free to contact me, Walter Burns.

For all the latest in Jersey City real estate news and information, subscribe to Living on the Hudson.

]]> http://blog.livingonthehudson.com/2010/08/30/jersey-city-waterfront-condos/feed/ 0 Top 5 Jersey City Luxury Properties http://blog.livingonthehudson.com/2009/12/19/top-5-jersey-city/ http://blog.livingonthehudson.com/2009/12/19/top-5-jersey-city/#comments Sun, 20 Dec 2009 00:37:29 +0000 Walter Burns http://blog.livingonthehudson.com/?p=1140 I was recently searching the Jersey City real estate market for a customer looking to purchase a high end property.  She asked me which Jersey City condos and condo buildings take your breath away when you walk inside.  Below is the list of the Top 5 Jersey City luxury properties (in no particular order) which I compiled for her.

Top 5 Jersey City Luxury Condominiums

The Condos at 77 Hudson

The Condos at 77 Hudson

1. The Condos at 77 Hudson in Jersey City

77 Hudson St. Unit 3704 in Jersey City. This 3 bedroom, 2 bath condo features 1,880 sq.ft. of living space with New York City and Hudson River views. 77 Hudson features floor to ceiling glass windows and European designed kitchen and baths. Plus, you get 44,000 sq.ft. of common amenities including a fitness center, large outdoor pool, resident’s lounge, screening room, & concierge/doorman services. Asking price: $1,616,000.

The Beacon Condos

The Beacon Condos

2. The Mercury Lofts at the Beacon in Jersey City

20 Beacon Way Unit 1401/1402 in Jersey City. The Mercury Lofts at the Beacon are quite amazing. This 5,949 sq.ft. Art Deco loft condo occupies an entire floor and features 13 ft ceilings with over 19 windows with New York City views. An owner can easily design the space to their liking by adding separate bedrooms or leaving the space entirely open for a true loft feel. Common building amenities include an indoor pool & spa, fitness center, spa services, game room & screening room to name a few. Asking price: $2,140,000.

The Sugar House Condos

The Sugar House Condos

3. The Sugar House Condos in Jersey City

174 Washington St. Unit PHA in Jersey City. I have always loved the Sugar House since it was built about 8 years ago. The former sugar factory in the Paulus Hook section of downtown Jersey City was transformed into beautiful loft condos. The finishes in the building are some of the finest I have seen. This 2 bedroom, 2 bath Penthouse condo features 1,800 sq.ft. of interior space plus an 1,850 sq.ft. outdoor terrace with beautiful New York City views. Common building amenities include a concierge/doorman, on-site fitness center & garage parking. Asking price: $1,499,000.

Crystal Point Condos

Crystal Point Condos

4. Crystal Point Condos in Jersey City

2 2nd St. Unit 4201 in Jersey City. Very few buildings in downtown Jersey City can say that they have unobstructed views of New York City. Crystal Point is one of them. The building is built on the banks of the Hudson River. New York City feels like you can reach across the Hudson River and touch it! This 3 bedroom, 2.5 bath, 1,817 sq.ft. condo faces both North looking up the Hudson towards the George Washington Bridge & east directly at Manhattan. The condo features modern finishes in the kitchen and baths & floor to ceiling glass windows. Common amenities include an outdoor pool, valet car service, fitness & lifestyle center, screening room, and a game room. Asking price: $1,850,000.

Trump Plaza Jersey City

Trump Plaza Jersey City

5. Trump Plaza Jersey City

88 Morgan Street Unit PH24 in Jersey City. Wouldn’t it be nice to live at the top of the highest residential high-rise in NJ? This 2 bedroom, 2 bath, 1500 sqft. condo on the Penthouse floor features direct east view of New York City, from the George Washington Bridge to the Verrazano Bridge. Trump Plaza Jersey City also offers spectacular common amenities including a concierge,  doorman, salt water outdoor pool, resident’s lounge, business center, private dining room & kitchen facilities for parties, virtual golf simulator, and on-site spa. Asking price: $1,050,000.

If you have any questions about these Jersey City condos, feel free to contact me, Walter Burns or leave a comment below.

Recent Posts:

]]> http://blog.livingonthehudson.com/2009/12/19/top-5-jersey-city/feed/ 1 Before You Close on Your Hoboken Condominium http://blog.livingonthehudson.com/2009/12/12/before-you-close-hoboken/ http://blog.livingonthehudson.com/2009/12/12/before-you-close-hoboken/#comments Sat, 12 Dec 2009 20:03:10 +0000 Walter Burns http://blog.livingonthehudson.com/?p=1192 Closing on your Hoboken real estate purchase can be a very hectic time in one’s life. I often remind my Hoboken condo buyers of a few quick things they are going to want to do before they head to the closing table.

Utility Service Providers in Hoboken & Jersey City

Cable, Internet, & Phone Providers in Hoboken

Cable, Internet & Phone Providers in Jersey City

Change of Address Information in Hoboken & Jersey City

If you have any questions, feel free to contact me, Walter Burns.

Keep up with Hudson County real estate news & information on Facebook.

]]> http://blog.livingonthehudson.com/2009/12/12/before-you-close-hoboken/feed/ 0 $8000 Tax Credit For First Time Hoboken Condo Buyers Extended http://blog.livingonthehudson.com/2009/11/10/8000-tax-credit-extended/ http://blog.livingonthehudson.com/2009/11/10/8000-tax-credit-extended/#comments Wed, 11 Nov 2009 01:09:45 +0000 Walter Burns http://blog.livingonthehudson.com/?p=1047 moneyAfter much speculation, the $8,000 tax credit for first time home buyers was extended by Congress late last week. Many Hoboken condo buyers have emailed me asking for details on the extension. Here is an overview…

$8,000 Tax Credit for First Time Hoboken Home Buyer

The extension is from December 1, 2009 to April 30, 2010. A Hoboken home buyer must have a written binding contract to purchase by April 30, 2010 and the Hoboken condo buyer would have to close by July 1, 2010.

  • Amount of Credit: $8,000 ($4,000 married filing separate)
  • Tax Credit Eligibility: May have not had interest in a primary residence for the past 3 years prior to this new purchase.
  • Current Home Owner Credit: This is the biggest change in the extension. If you currently own a home, wish sell your current home & purchase another, the credit is $6,500 ($3,250 married filing separate). You must have used previous home as a principal residence for 5 of the 8 previous years.
  • Income Limits: $125,000 for a single, $225,000 for married couple, additional $20,000 phase out.
  • Purchase Price Limits: $800,000
  • Anti-Fraud: In order to avoid fraud, the US Government is requiring that all purchasers attach documentation of purchase to their tax return.

If you have questions about the $8000 tax credit and how it can help you in your Hoboken condo purchase, feel free to contact me, Walter Burns or leave a comment.

Recent Posts:

]]> http://blog.livingonthehudson.com/2009/11/10/8000-tax-credit-extended/feed/ 3 Jersey City Condo Market Update October 2009 http://blog.livingonthehudson.com/2009/11/09/jersey-city-october-2009-2/ http://blog.livingonthehudson.com/2009/11/09/jersey-city-october-2009-2/#comments Mon, 09 Nov 2009 17:13:52 +0000 Walter Burns http://blog.livingonthehudson.com/?p=1028 Exchange Place - 12Below is the Jersey real estate market update for condominium sales for October 2009 in Downtown Jersey City. All information is gathered from the Hudson County Multiple Listing Service.

Active Downtown Jersey City Condos

  • There are 295 Active Jersey City condos for sale with an average listing price of $526,689. Average days on the market: 101 Days

In the past 30 days, 68 new Jersey City condos came on the market for sale with an average listing price of $471,203.

  • Active Downtown Jersey City Studio Condos: 8 condos for sale with an average listing price of $343,862. 139 days on the market.
  • Active Downtown Jersey City 1 Bedroom Condos: 121 condos for sale with an average listing price of $371,334. 96 days on the market.
  • Active Downtown Jersey City 2 Bedroom Condos: 138 condos for sale with an average listing price of $582,581. 103 days on the market.
  • Active Downtown Jersey City 3+ Bedroom Condos: 29 condos for sale with an average listing price of $974,814. 106 days on the market. 

Pending Downtown Jersey City Condos

  • There are 88 Downtown Jersey City condos under contract waiting to close with an average listing price of $415,566.  Average days on the market: 104 Days. Final sales prices of these units will not be published until they close.
  • Pending Downtown Jersey City Studio Condos: 1 condo under contract with a listing price of $349,000. 97 days on the market. It is located at Gulls Cove.
  • Pending Downtown Jersey City 1 Bedroom Condos: 37 condos under contract an average listing price of $326,900. 97 days on the market.
  • Pending Downtown Jersey City 2 Bedroom Condos: 44 condos under contract with an average listing price of $468,068. 109 days on the market.
  • Pending Downtown Jersey City 3+ Bedroom Condos: 6 condos under contract with an average listing price of $589,000. 105 days on the market.

Sold Downtown Jersey City Condos Since 10/1/09

  • 33 Downtown Jersey City condos sold since 10/1/09 with average listing price of $439,890. The average sales price of these sold Downtown Jersey City condos were $417,928. Average days on the market: 101 Days
  • Sold Downtown Jersey City Studio Condos: 0 condos sold.
  • Sold Downtown Jersey City 1 Bedroom Condos: 20 condos sold an average listing price of $385,804 and an averages sales price of $368,817. 89 days on the market.
  • Sold Downtown Jersey City 2 Bedroom Condos: 12 condos sold with an average listing price of $508,366 and an average sales price of 480,856. 122 days on the market.
  • Sold Downtown Jersey City 3+ Bedroom Condos: 1 condo sold with a listing price of $699,900 and a sales price of $645,000. 76 days on the market. It was located at the Shore Club.

Expired Downtown Jersey City Condos

  • These are Downtown Jersey City condos which were on the market for sale and did not sell during the term of the listing agreement. 30 expired Downtown Jersey City condos came off of the market in the past 30 days with an average listing price of $467,786. Days on the market: 184 Days

Jersey City Waterfront Condo Update

  • Shore Club: 13 Active condos, 4 units under contract, 5 condos sold/closed in past 30 days.
  • A Condominiums: 5 Active condos, 3 units under contract, 3 condos sold/closed in past 30 days
  • Mandalay on the Hudson: 16 Active condos, 2 units under contract, 3 condos sold/closed in past 30 days
  • Gulls Cove: 9 Active condos, 2 units under contract, 1 condo sold/closed in past 30 days
  • Fulton’s Landing: 5 Active condos, 3 units under contract, 1 condo sold/closed in past 30 days
  • James Monroe: 10 Active condos, 1 unit under contract, 2 condos sold/closed in past 30 days
  • Liberty Terrace: 10 Active condos, 1 unit under contract, 0 condos sold/closed in past 30 days
  • Portofino: 12 Active condos, 3 units under contract, 0 condos sold/closed in past 30 days
  • Pier House: 7 Active condos, 2 units under contract, 0 condos sold/closed in past 30 days
  • 700 Grove: 8 Active condos, 1 unit under contract, 1 condo sold/closed in past 30 days
  • Montgomery Greene: 5 Active condos, 1 unit under contract, 0 condos sold/closed in past 30 days
  • Clermont Cove: 1 Active condo, 1 unit under contract, 0 condos sold/closed in past 30 days
  • Liberty Harbor: 9 Active condos, 1 unit under contract, 1 condo sold/closed in past 30 days
  • Sugar House: 2 Active condos, 1 unit under contract, 0 condos sold/closed in past 30 days
  • Waldo Lofts: 5 Active condos, 1 unit under contract, 0 condos sold/closed in past 30 days
  • Zephyr Lofts: 5 Active condos, 0 units under contract, 1 condo sold/closed in past 30 days

****The above data may not reflect all of the units that may be available or that have sold in downtown Jersey City. Inside sales offices in new construction downtown Jersey City condo buildings like Gulls Cove, Trump Plaza, Crystal Point, and 77 Hudson do not list and report all of their sales through the Hudson County MLS.

If you have questions about a certain downtown Jersey City Condo buildings that are not on this list, feel free to contact me, Walter Burns or leave a comment. I will get back to you with the information.

To see how this month’s Jersey City condo market update compares to last month’s, please visit the September 2009 Jersey City condo market update.

Recent Posts:

]]> http://blog.livingonthehudson.com/2009/11/09/jersey-city-october-2009-2/feed/ 3 Top 5 Hoboken Trophy Properties For Sale http://blog.livingonthehudson.com/2009/10/30/hoboken-trophy-properties/ http://blog.livingonthehudson.com/2009/10/30/hoboken-trophy-properties/#comments Fri, 30 Oct 2009 16:37:43 +0000 Walter Burns http://blog.livingonthehudson.com/?p=893 I love large over the top properties. I recently spoke with a Hoboken condo seller about their $1,000,000 + condo in Hoboken which they were thinking of selling and it got me thinking about the top trophy properties for sale currently in Hoboken. These are the properties which have a huge “wow factor.”

1. The W Hoboken: 225 River St. Unit 2502

W Hotel - 01

The 3 bedroom, 3.5 bath, 2,367 sq.ft. condo is located in the premiere Hoboken waterfront condo building, the W Hotel & Residences. With direct north & east views towards Manhattan, you can see past the George Washington Bridge. The City looks so close you feel like you can touch it. Step outside your condo, take the elevator down and you are in the lobby of the W Hoboken with Bliss Spa & the Chandelier Room steps away.  MLS #90007523. Asking $2,750,000

2. Garden Street Lofts: 1425 Garden St. Unit PHB

Garden Street Lofts - 01

The Garden Street Lofts is Hoboken’s only LEED Certified Green condo building. This 3 bedroom, 2.5 bath Penthouse duplex condo features 2,354 interior sq.ft. and a 1,400 exterior sq.ft. huge wraparound terrace. While on the terrace why not sit in the 6 person hot tub and admire the New York City view all year long. MLS#90011454. Asking $2,300,000

3. Maxwell Place: 1125 Maxwell Lane Unit TH2

Maxwell Place - 04

If you drive past Maxwell Place while on Hudson Street you would never know that there are a handful of town-home condos with private entrances in the complex. They are located on the east side of the complex facing directly at Manhattan. This Maxwell Place condo features 2 bedrooms, 4 baths, + a large den/3rd room with a total of 2,767 sq.ft. MLS #90009678. Asking $2,197,995

4. 1028 Willow Avenue, Hoboken

1028 Willow - 2

You will never know from walking by this former carriage factory that this renovated single family home occupies two lots for a total of 4,000 interior sq.ft and 2,200 exterior sq.ft featuring a large garden and roof terrace. The home features 4 bedrooms, 3.5 baths, plus a garage for 2 cars. Added bonus: You get me as a neighbor! I live a few doors down. MLS #90005734. Asking $2,495,000

5. 2 Constitution Court PH1 & PH2

2 Constitution Court - 02

Why buy one penthouse when you can buy two at 2 Constitution Court? This one of a kind Hoboken condo features 2 penthouse condos which were combined into a 4 bedroom, 4.5 bath unit featuring 3,600 sq.ft. Want views? The condo has direct views of New York City, from the George Washington Bridge to the Verrazano Bridge. MLS #80011280. Asking $4,200,000

I would love to hear your thoughts on these or any other properties which you feel should be a Hoboken Trophy Property. Feel free to leave a comment below or email me, Walter Burns

Recent Posts:

Follow Hoboken Real Estate on Facebook.

]]> http://blog.livingonthehudson.com/2009/10/30/hoboken-trophy-properties/feed/ 2 Attorney Review for Your Hoboken Real Estate Purchase http://blog.livingonthehudson.com/2009/10/23/attorney-review-hoboken/ http://blog.livingonthehudson.com/2009/10/23/attorney-review-hoboken/#comments Sat, 24 Oct 2009 02:23:45 +0000 Walter Burns http://blog.livingonthehudson.com/?p=962 After the contracts are signed by the buyer & seller for their Hoboken real estate transaction, the next step is the attorney review period. I offer some insight and advice below to Hoboken home buyers on the attorney review period from my experience.

Questions? Free free to contact me, Walter Burns or leave a comment below.

For up to the minute Hoboken real estate news and information, follow Hoboken Real Estate on Facebook.

]]> http://blog.livingonthehudson.com/2009/10/23/attorney-review-hoboken/feed/ 1 Home Inspection Advice for Hoboken Condo Buyers http://blog.livingonthehudson.com/2009/10/07/home-inspection-advice/ http://blog.livingonthehudson.com/2009/10/07/home-inspection-advice/#comments Wed, 07 Oct 2009 16:27:52 +0000 Walter Burns http://blog.livingonthehudson.com/?p=908 I am often asked by Hoboken condo buyers when they can conduct their home inspection on the Hoboken condo they are in contract to purchase. Here are a few tips and insights about home inspections for Hoboken area condos.

Feel free to leave a comment or email me, Walter Burns with any questions.

Keep up with Hoboken real estate on Facebook.

]]> http://blog.livingonthehudson.com/2009/10/07/home-inspection-advice/feed/ 1 $8000 Tax Credit Set to Expire Hudson County Real Estate http://blog.livingonthehudson.com/2009/09/25/8000-tax-credit-expire/ http://blog.livingonthehudson.com/2009/09/25/8000-tax-credit-expire/#comments Fri, 25 Sep 2009 14:52:37 +0000 Walter Burns http://blog.livingonthehudson.com/?p=858 The $8,000 tax credit is set to expire for first time Hudson County home buyers. If you are in the market to purchase Hoboken & Jersey City real estate, I recommend keeping the dates I discuss in mind when making your purchases.

$8,000 Tax Credit for first time HudsonCounty condo buyers outline.

If you have any questions about this video post, please feel free to contact me, Walter Burns. I will be happy to assist.

For Hudson County real estate news and information, join my Hudson County real estate blog!

]]> http://blog.livingonthehudson.com/2009/09/25/8000-tax-credit-expire/feed/ 0 Condos & Co-ops in Hudson County NJ http://blog.livingonthehudson.com/2009/09/20/condos-cooperatives/ http://blog.livingonthehudson.com/2009/09/20/condos-cooperatives/#comments Mon, 21 Sep 2009 02:38:36 +0000 Walter Burns http://blog.livingonthehudson.com/?p=831 I discuss the question I am often asked of what is the major difference between condominiums and cooperatives in the Hudson County real estate market.

If you have any questions about this video blog, please feel free to contact me. I will be happy to assist.

For Hudson County real estate news and information, join my Hudson County real estate blog!

]]> http://blog.livingonthehudson.com/2009/09/20/condos-cooperatives/feed/ 0