sorry, I dont know about Hoboken places but CP is clearly in deep TROUBLE. But don't worry my dear investor, they are not alone. 77 Hudson is also probably conducting contigency plans for the 75% of their unsold units too.

Over 500 unsold units between the two of them. This is ARMAGADEON. Don't lose your shirt!

Has anyone else heard that Fisher is putting together a contingency plan in case sales don't pick up. The developer could hire Accelerated Marketing Patners (http://www.acceleratedmp.com/) to discuss the how an auction can be used to jumpstart sales. AMP apparently specializes in new construciton, luxury condo sales.

The article states "ALMOST" 25% sold which is a complete misrepresentation, although not an absolute lie. Only 20 units were reserved as of a month ago, which implies almost 40 units were reserved in a month. Bull Sh*t!

Be careful when the developer uses the word "ALMOST". They could claim its "ALMOST" 75% sold if they wanted to. Ask for the exact number of units and you'll see its only about 23.

Plus technically nothing is sold. The 20 or so they do have are only reservations. Good luck to those needing a lender who will lend $1 million dollars for a condo.

I predict Crystal Point is headed for auction. Those looking to invest beware.

Hello,

In the last week or so, I have been to sales offices and received prices for remaining units at these new construction buildings:

A - $600-$800/sqft (very nice building but overpriced)
Fulton's Landing - $550/sqft (terrible quality, poor layout)
Gulls Cove - $500-550/sqft (views wont last, far from PATH)
Montgomery Greene - $580/sqft (great finishes)
Waldo Lofts - $500/sqft (about to be engulfed by Liberty Harbor)
The Beacon - $465 - $500/sqft (location is in the projects)
Gove Point - $690/sqft (price point is ridiculous, renters comon!)
Schroeder Lofts - $475/sqft (too far from Path)

Most buildings are between 45-75% sold. I can report to everybody prices were $40-$100/sqft cheaper only 4 months ago, as most of these buildings instituted prices increases in just the last 3 months. These price increases exist despite agents getting desperate to sell the units that are remaining. I personally witnessed developers negotiating on upgrades, financing, and yes even price. There is CLEARLY a slowdown underway. With current prices not reflecting this slowdown and interest rates at 4 year high, I have to conclude that this is a TERRIBLE time to buy a condo in JC. I wanted to buy a condo very badly, and had saved up $100,000 to do so this year. BUT with my analysis, I have decided to calm my excitement and wait for prices to reflect the rising inventories and lack of demand. I see prices coming in at 20% lower in the next 12 months and that Trump's new 1000 units will only put more downward pressure on others prices as his units will not sellout.

Thoughts anybody?