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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
 
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just by judging the the information on zillow and trulia about the monstrosity, they do not list any sales with that particular address combination. there might be some people renting there ... when i was looking at that place, the whole place gave the impression of a flip gone cold ... the building quality was clearly subpar.
Posted on: 2009/11/17 1:24
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Re: 213 Newark Avenue Named "The Saffron"
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Just can't stay away
 
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I looked at the building by Mme Claude's (your "Monstrosity") back in May and there were 5 or 6 units sold, but definintely looks like it's still pretty empty after all these months. I'm curious as to why, maybe they had a problem getting a COO? It looked like a fairly typical luxury building at first glance, but upon closer inspection the quality was subpar, lots of flash and little substance. And you could hear every footstep from above, so the top floor is the only one I could have tolerated.
Posted on: 2009/11/17 1:11
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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I visited The Saffron pre-auction. I thought, as someone else may have mentioned, that the layouts were odd and the bedrooms were tiny. I like to imagine a guest room with room for a daybed and a small desk, in these you'd probably have to choose between the two. Even some of the main bedrooms seemed very small - you'd likely be limited to just a bed and not much else. There was one unit with a strange alcove thing to one side. The layouts were weird, and, to me at least, not very appealing.
Posted on: 2009/11/16 1:50
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 Thank you for making The Great Jersey City SOUP SWAP an annual success! See you in January 2013 for the next Soup Swap!
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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Posted on: 2009/11/15 22:56
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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Methinks FletchFletcher has skin in this game and is - as the expression goes - talking his book. My guess: he bought at the auction and is looking to flip. I have a hard time believing the rest of the units will be sold above the auction prices. There's plenty of inventory downtown, and while monthly maintenance may be lower compared to other developments, the tax abatements aren't that great. The developer probably didn't contribute enough to Healy's war chest.
The location is convenient for commuters, but I'd hate to have windows looking out over Newark Avenue - too much noise at all hours. I haven't seen the inside of this place, but the building itself is kind of institutional looking. The architecture kinda reminds me of my elementary and junior high schools.
Posted on: 2009/11/15 21:25
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Re: The Saffron - 213 Newark Avenue
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Quite a regular
 
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These auction prices will set the bar for all of Saffron going forward. Any potential buyer can find the auction prices on the internet and anyone who is interested in the Saffron will be looking to spend a similar amount or less, not more. Auctions are the most accurate way to perform "price discovery". The true value is not 20% higher. If it were, that price would have been established at the auction... it wasn't. Also, which "nice finishes" are you referring to. The plastic substance coutertops or the beautiful electric stoves? Or the second bedrooms which felt more like offices at best?
Posted on: 2009/11/15 21:16
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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1. These aren't pre-construction prices. The Saffron is completed and ready for people to move in. 2. I actually believe that the auction prices are slightly above market prices. Keep in mind that ALL units were up for auction and that the 13 units that were sold were the MOST DESIRABLE UNITS. The leftovers are what are left to be sold. 3. I don't understand why you consider the auction goers to be bottom feeders. They were the ones most excited to own at the Saffron; that's why they showed up with a $15K check in hand and were armed with 20% down payments. Are you saying that the non-bottom feeders were staying away from the fray purposely to avoid buying the MOST DESIRABLE UNITS at the Saffron and purposely to ponying up 20% more money for less desirable units? I don't follow your logic if that's what you're saying.
Posted on: 2009/11/15 21:12
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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I may need my head examined, but you my friend, need data. 9 Coles St, Jersey City NJ 07302 2 br | 2 ba | 1,073 sqft | Condo $395K http://www.trulia.com/property/108481 ... s-St-Jersey-City-NJ-07302 306 2nd St, Jersey City NJ 07302 2 br | 2 ba | 910 sqft | Condo $417,900 http://www.trulia.com/property/108590 ... d-St-Jersey-City-NJ-07302 126 Mercer St, Jersey City NJ 07302 2 br | 2 ba | 900 sqft | Condo $385,000 http://www.trulia.com/property/108614 ... r-St-Jersey-City-NJ-07302 65 2nd St, Jersey City NJ 07302 2 br | 2 ba | 918 sqft | Condo $450,000 http://www.trulia.com/property/108675 ... d-St-Jersey-City-NJ-07302 220 3rd St, Jersey City NJ 07302 2 br | 2 ba | 1,100 sqft | Condo $299,000 http://www.trulia.com/property/107833 ... d-St-Jersey-City-NJ-07302 281 4th St, Jersey City NJ 07302 2 br | 2 ba | 1,000 sqft | Condo $439,000 http://www.trulia.com/property/108490 ... h-St-Jersey-City-NJ-07302 I could go on. And on. And on.
Posted on: 2009/11/15 21:01
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Re: The Saffron - 213 Newark Avenue
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Not too shy to talk
 
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2007/12/4 19:47 Last Login : 2011/10/8 19:02 From Jersey City
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Thrifty, if you think pre-construction auction prices are the same thing as market prices, you really need to get your head examined!!!
Auctions are nothing but bottom feeders. Expect the market for Saffron to be 10% to 20% higher than the pre construction offering. Saffron will sell out, just like Ivy house did and Dixon Mills is slowly doing. Remember, $250 per month maintenance fee is a lot better than $550 at Dixon and Gulls Cove.
Posted on: 2009/11/15 20:49
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Re: 213 Newark Avenue Named "The Saffron"
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Not too shy to talk
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20 percent of the building sold in the grand opening auction!!! That's great in this market!
The building looks great, the finishes are nicer than Dixon Mills and Crescent Court and anyone who thinks 475K is a lot for a two bedroom in Downtown JC should not be on a message board talking about real estate!
Posted on: 2009/11/15 20:43
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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Am I really the only one who has seen major changes on Newark Ave??? 4 block from the Path Train, Dixon Mills, Saffron and new developments in planning.
Posted on: 2009/11/15 20:11
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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it is not only the sq ft/price you have to look at when comparing. in this case, the tax abatement was only 5 years, which presses down prices for the rational buyer. had the abatements been longer, the prices would have been higher.
btw, any new on the condos that went up on the corner by madame claude? anyone looked at those condos? i often walk by there, but i have yet to see a lit window during the evening and night hours?
Posted on: 2009/11/15 0:32
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Re: 213 Newark Avenue Named "The Saffron"
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Quite a regular
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These sq foot prices are actually pretty good. They range between 380 and 420 a square foot, except for the sucker who paid 440k at 480 a square foot (I have the bidders guide which listed suggested price and actual sq foot). Also the suggested prices on the 2 bedroom condos were in the mid to high 5s. That means these sold for 25-30% below list price. All the papers are saying they went for 10% below list. Not quite. I expected new construction cookie cutter condos would fall to 400 a square foot, looks like we're there. This doesn't mean that 77 Hudson and Crystal Point will go to that price, but Grove Point, A, Waldo Lofts are pretty cookie cutter.... and they are still looking for high 400s a square foot.... Sadly, the layouts sucked at Saffron and its all electric energy so I didn't bother going to the auction. I feel like you have to adore a place now to even consider buying, and I didn't love Saffron.
Posted on: 2009/11/14 21:10
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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Why the Hell would you say that??? It is great that Newark Avenue is getting so nice!!! 
Posted on: 2009/11/10 0:46
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Re: The Saffron - 213 Newark Avenue
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Newbie
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2004/11/22 17:53 Last Login : 2010/12/20 22:06 From downtown jersey city
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honestly, i thought the saffron apartments were ridiculously bad for a new building - aside from being on the tiny side, they have very little closet space and the walls are super thin.
at the open house, i tapped walls with my friend in the next door apartment. needless to say, we could practically hear each other's whispers. granted, they're empty and there's no buzz of a/c's and whatnot so the sounds will be louder, but we've done that at a lot of other apartments we've looked at, and the saffron was the absolute worst. it really seemed like a cheap rental building to me. i wonder if the auction winners will actually live there themselves.
Posted on: 2009/11/9 22:47
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Re: The Saffron - 213 Newark Avenue
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Quite a regular
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Newark Ave is becoming the new hot spot?? I wouldn't go that far JCboyz. Hopefully it'll be a while before that really happens.
Posted on: 2009/11/9 22:23
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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The two bdrrom buyers got a great deal compared to other condo we looked at. The two bedrooms are worth upper $400's low $500's all day long!
Posted on: 2009/11/9 19:40
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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I usually don't like to quote myself, but I just wanted to pat myself on the back for being EXACTLY spot on with the market price points from my Nov. 3rd post...
Posted on: 2009/11/8 20:55
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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The pre-grand opening auction occurred today. Here are the details:
Parking for today's buyers will be $150 / month. (Parking will be available for rent for $200 for other buyers) Not more than 250 people in attendance including brokers. (I estimate ~ 110 interested parties were present.) ~28% discount on taxes for first 5 years. A total of 13 units were sold when I left. It is possible that one or two more units sold after I left... 8 condos were sold by auction, the other 5 were sold when people "stepped up" after the auction to buy at the price that the last auctioned unit sold for. Sale prices and unit numbers are listed below. The nominal auction price is in parentheses. (10% was added to the nominal auction price to come up with the final sales price that the winning bidders will pay for the condo). The auction results in order were: 2 BR ($400K) $440K #505 2 BR ($390K) $429K #513 2 BR ($385K) $423K #401 2 BR ($358K) $393.8K #108 2 BR ($360K) $396K #312 step-up 2 BR ($360K) $396K #502 step-up 2 BR ($360K) $396K #105 step-up 2 BR ($360K) $396K #313 1 BR ($275K) $302.5K #504 1 BR ($288K) $316.8K #506 1 BR ($275K) $302.5K #306 step-up1 BR ($275K) $302.5K #404 step-up1 BR ($275K) $302.5K #510
Posted on: 2009/11/8 20:52
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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I disagree. The Newark Avenue of today is much better than the Newark Avenue of 10+ years ago. It's been gradual steady improvement, but positive change doesn't happen overnight.
Posted on: 2009/11/4 19:53
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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$4-$5K is lower than average for a 1 bedroom. I'm on 7th and Brunswick and I looked up most of my neighbors taxes - it is a matter of public record - and we are all in the $6K range. Welcome to Jersey City.
And to the guy who said Newark Ave is becoming the new "it" spot: New restaurants opening daily? Newark Ave is grosser than ever, where the hell do you live?
Posted on: 2009/11/4 2:53
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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2006/4/17 14:14 Last Login : 2015/1/22 21:37 From Carolina's Lavanderia
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I am so confused about this tax abatement issue. Isn't a tax abatement supposed the make the taxes lower than they normally would be for a condo in that size range? Is it just me or is $4-5K /yr crazy for a 1BR apartment? The maintenance fees seem about right to me.
Posted on: 2009/11/3 21:17
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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As I wrote before, the List Prices are: ~$360K - $415K for 1 BR units and $515K - $590K for the 2BR units. It is a fact that there are multiple 2 br listings within a two block radius of the Saffron selling for less than $400K and the list prices for the 2 BR's are just simply too high. $590K will easily get you a 2 BR with a Manhattan view in downtown JC. editorial: I agree with Tino...more appropriate pricing at the Saffron would be as follows: 1 BRs should all be under 300K. The small 1 BR's aren't even worth 250K, IMO. The 2 BRs are small. All but four of the 2BRs are under 1050 sq ft. The largest 2 BRs should sell for no more than $450K. The sub-900 sq foot 2 BRs should sell for less than $400K. One of the reasons I'm not more generous in pricing these is the mystery 5 yr tax abatement. The taxes are going to balloon after 5 yrs like an ARM. Except that no one can even give a straight answer about what the payments will be after the reset. I thought ARMs were bad, but these NYC-area tax abatements on new constructions are at best a damper on long-term values on residences and at worst are simply another bubble waiting to burst.
Posted on: 2009/11/3 18:35
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Re: The Saffron - 213 Newark Avenue
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Just can't stay away
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2009/6/11 13:44 Last Login : 2017/4/10 23:12 From Henderson Yards
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Ah you got me! I am a Crystal Point salesman, what gave it away? Honestly though - even you, jcboyz, must admit that these units are grossly overpriced for what they are. No view, not that great of a location, tiny kitchens, and not even a medicine cabinet in the bathrooms. The building is cool, but are about 100k overpriced.
Posted on: 2009/11/2 19:05
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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So you have never lived in a condo? I thought for the price, everything was adequate. That is why it is 475K for a two bedroom and not 575K.
Posted on: 2009/11/2 18:38
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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The building is in a great location! Its a couple blocks from the Grove St Path and Newark Ave is becoming the new hot spot. That easy to determine since there are new buildings and reastaurants opening monthly as well as the new lighting and trees!
Crystal Point is way more expensive. One bedrooms starting where Saffron's two bedrooms start at! That post had to be from a C Point sales person. I think this building is a home run! Especially for the one bedrooms starting under 300K.
Posted on: 2009/11/2 18:36
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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Oof. That'd be a deal-breaker for me. Location is nice, but i mean, really. I can't have a gas stove? Is it saving the building that much money to use electricity?
Posted on: 2009/10/19 20:31
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Re: The Saffron - 213 Newark Avenue
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Home away from home
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For people moderately interested or seriously interested about cooking, there are no gas hook-ups for stoves. The ranges are electric only. Also, I'd like to hear all y'all's opinion on this place out of curiosity.
Posted on: 2009/10/19 19:04
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Re: The Saffron - 213 Newark Avenue
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Just can't stay away
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2009/6/11 13:44 Last Login : 2017/4/10 23:12 From Henderson Yards
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I went to the open house too and aside from being brand new and in a good (not excellent) location, I was very disappointed. They cut a lot of corners (one drawer in the kitche, no storage at all in the bathroom) and the entire back-side of the Maxwell faces a creepy alley while the other side has the bank one side staring you in the face. For Crystal Point prices, I expected a lot better.
Posted on: 2009/10/13 13:11
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Re: 213 Newark Avenue Named "The Saffron"
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Home away from home
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The square footage figures are straight from their official documents. I have no reason to doubt them. The spaces are small, but feel large for the size due to the 10 foot ceilings. As for the taxes after the abatement period... I have no idea.
Posted on: 2009/10/12 19:51
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