To be fair, for every agent that posts an article on the latest condo purchase there are 5-10 articles from news agencies that say that the market is crashing and that the end of the world is near. Both sides play the media, you just have to be smart enough to figure things out for yourself instead of being spoon-fed crap.

Gotta LOVE "Real-Estate-Speak."

You see, if they announced BOTH the price and the buyer, one could check up and see if it true.

I'm surprised they didn't say $20 Million for a STUDIO while they were at it..

Yep, same Hovnanian who made overpriced junk...only now it seems they are WAY overpriced.

These developers will do ANYTHING to keep potential buyers from realizing the market has gone belly-up.

Probably evey realtor and developer all over the country is saying: "Yes the market is in a disastrous downturn EVERYWHERE BUT HERE...after all some unnamed movie star just paid a '$$JILLION$$'" bucks for an apartment at DROOPY TOWERS.
ANYTHING to get the name of their complex into print.

Elvis has bought the penthouse for the record amount of money. Its a 'boom' trade for the real estate people and everyone in that selling arena are having a 'hoot' coming up with words with no meanings to describe their progress!

It seems like condo sales are picking up a lot in jersey city, especially in journal square area, I just spoke to liberty realty re the Brevard on Duncan av, the sales there are booming!

HIGH-ROLLER HIGH-RISE
Monday, August 20, 2007
By JARRETT RENSHAW
JOURNAL STAFF WRITER

Condos get Hudson's top dollar

Who says the real estate market is cooling off?

It's still red-hot on the Hudson County waterfront, where a high-roller has purchased two condos on the top two floors of a Jersey City development at a whopping price tag of just more than $6 million. It's believed to be the highest price paid for a condo in the city's history.

Even if sold separately, either likely would have fetched more than $2.3 million, the previous record for a condo sold in Jersey City.

The unnamed buyer reportedly plans to merge them into a lavish two-story penthouse at the top of the 49-story building. Once completed, the two-story penthouse will measure 4,188 square feet. That translates to roughly $1,400 a square foot.

The purchase was made at K. Hovnanian's 77 Hudson St. development. The developer announced the sale last week but refused to divulge any details about the buyer - only about the development itself.

"The sophisticated design, hotel-quality amenities, luxury materials and finishes at 77 Hudson are exactly what buyers are seeking," said Tom Graham, of K. Hovnanian Homes, in a press release boasting about the sale.

Gershon Adjaye, a broker who deals with high-end real estate in Hudson County for Keller-Williams, said the price per square foot is on the high end in the county - but it's still a steal compared to prices in the New York City market.

"The truth is the square foot price is still much less expensive than penthouse condos in New York, which don't offer the same views," said Adjaye, who is not associated with the sale.

K. Hovnanian Homes opened 77 Hudson St. for VIP sales two weeks ago, with more than 300 appointments set for the initial sales release of condos.

Approximately 50 percent of the 100 residences released already have been sold, ranging in price from the upper $400,000s to $6.07 million. Thirty percent of sales have been broker generated.

"The waterfront is an extension of the New York market, and that is still very strong," said Jersey City Housing and Economic Development Corporation Acting Director Bob Antonicello, who defined the waterfront as everything east of Marin Boulevard. "The waterfront has now become separate part of the city, with very little linkage to the rest of the city."

The previous record of $2.3 million was the price of a penthouse condo sold at the Beacon, the site of the old Jersey City Medical Center.

interesting guess on Corzine... he already is in Hoboken (I'd heard at one point he'd committed to the W project there, but.....?), he'd be right across from his old stomping grounds at Goldman AND it's a "NJ Pride" thing that he'd committ here and not to NYC. Maybe a post-gubernatorial crash pad? He certainly has the cash for it.

Quote:

I think you're right - my first guess was Corzine or someone like that. I know it is hard for some to understand, but not everyone buys a primary residence with appreciation in mind - investments are for appreciation your home is for you and your family to enjoy.

Exactly. This is definitely a private buyer who was probably quoted a similar number in NYC for half the space. You're going to see a lot more of these types of purchases in the coming months/years. It's a testament to JC coming into its own as a viable alternative to NYC.

i'm not saying it's not an extraordinary amount of money, because it is. but try and find that kind of square footage, with that kind of view, anywhere in the city for less than $10,000,000, esp a duplex, and you'll see what it makes sense (in some kind of freaked out, twisted "sense" anyway).


by "city" i mean NYC.

They sold both to one buyer? Can anyone say..."corporate write-off"?

Hahaha...what fools

So whats the over/under on this building? I say closings don't start till Jan 2010

Well look at the source. There is a reason reporters work for online news sources rather than say, the New York Times. Not that I'm really one to malign online news sites, but look at the writing: "...the residences will feature views of Manhattan?s skyline. The community will feature a glass curtain wall fa?ade, and will feature amenities..." Somebody needs a better editor.

when did "K Hov" stop being a synonym for poorly built over priced housing?????????????

When did the word "community" become a synonym for "building?"

New Condo Complex in Jersey City Sets Record for Penthouse Sales

Published: August 13, 2007

By Kelly Sheehan, Online News Editor
multi-housingnews.com

Jersey City, N.J.?K. Hovnanian Homes has sold two penthouse condominiums to one buyer for $6 million. The units are part of 77 Hudson, a new condo complex located in Jersey City, N.J.

The sale sets a new record price for a penthouse sold in the city. The penthouses, on floors 48 and 49, total 4,188 square feet.

Designed by New York-based architect firm Cetra/Ruddy, the community is currently under construction and is slated for completion in May 2009. Upon completion, it will feature 420 condos.

Units are priced from the $500,000s to $3 million, and they will include floor-to-ceiling windows as well as washers and dryers. About three-quarters of the residences will feature views of Manhattan?s skyline.

The community will feature a glass curtain wall fa?ade, and will feature amenities such as a roof deck, dog park, pool, fitness center, caf?, lobby with art gallery, community lounge, game room, private dining room, screening room, virtual golf area, business center, barbeque area, hot tub, jogging path, massage room, yoga and Pilates studio, sauna and steam rooms, and party room. Residents will also have access to concierge services, state-of-the-art security systems, Wi-Fi in public areas and grocery delivery services.