Big deal. Thanks for enlightening me - now I can really enjoy the holiday season.

Crystal Point, a residential condominium development project has reached 70% units under contract with 60% of the units closed. Located at 2 2nd St. in downtown Jersey City, the building features 1, 2, & 3 bedroom layouts on the Hudson River waterfront.

To see what the condos at Crystal Point have been selling for, please visit Living on the Hudson.Living on the Hudson

After nearly 2 years on the market, Jersey City's Crystal Point is now 70 percent sold

Friday, November 05, 2010, 5:03 PM
Star-Ledger Wire Services


Luxury condominium complex Crystal Point, located on the Jersey City waterfront, is now 70 percent sold after nearly two years on the market, a developer said.

JERSEY CITY: Crystal Point, the ambitious luxury high-rise with sweeping views of the Manhattan skyline, is now 70 percent sold, according to a report in the Jersey Journal.
Seven units in the waterfront condominium complex, each costing more than $1 million, have been snatched up by buyers, a developer told the publication.

That represents a big improvement over last June, when only 9 percent of the development was sold. The high-end real estate market in Jersey City has languished in recent years, with newly-completed projects unable to attract as many buyers as developers had anticipated.

"There is such a backlog of product on the market in Jersey City that to have someone be 70 percent sold out, I think they?re doing pretty darn well," said Jeff Kaplowitz, a realtor and former Planning Board member, told the Journal.

The troubled project came into the spotlight last summer when K. Hovnanian filed lawsuit against Jersey City, alleging that a tax abatement deal the city granted the Crystal Point effectively gave it an unfair competitive edge. the report said.

Walkway in front of Crystal Point is now open.

Not sure what good is anymore, but there seems to be more lights on at CP @ night then there is at Trump.

Even if an auction comes in, I wonder what the possibilities of Crystal Point becoming luxury rentals? Does anyone have any input on this?

why does Crystal Point (featured on the back cover of JC Magazine) have a CO (certificate of occupancy) when the water front walkway adjacent to the building remains closed to the public as it was during construction?

perhaps the public interest should have a role in city planning.

Quote:

and a great read of classic realtor prose ...

"The unveiling of a new sales center and model homes located within the building at 2 Second Street after the New Year has spurred impressive sales interest as buyers marvel at the magnificent water views which stretch from downtown Manhattan all the way to the George Washington Bridge and imagine themselves living in this sought-after residential address.

"Visitors to Crystal Point have been extremely impressed with the amount of ongoing activity at the building. In addition to professionally-decorated model homes, they can now see for themselves the elegant lobby and sparkling exterior and the state-of-the-art amenities are expected to open within a few weeks."


BAAAAAAAAAAAAAAAAAAAAAAAARF .....

Saw this story on Crystal Point facebook page....the building has begun occupancy for those interested...

http://themarketingdirectorsinc.wordp ... jor-milestone-in-january/

Hey drgoogle,

Show us some proof that Fisher is talking to an auction company as a contingency plan. You can't, because it's total BS. Some of you guys love to jump all over every word attributed to a developer but have no problem irresponsibly throwing rumors out over the Internet.

No big revelation that sales are slow here like every other region in the Country. But every developer is financed differently, has different loan obligations and varying abilitities to withstand a downturn. Public companies have to answer to stockholders. Do a little research into Fisher and you'll see how much they've developed on both sides of the river for decades and how well-financed they are. They could sit on this building for five years and it wouldn't hurt them that much. Totally different story than national public companies like Hovnanian, Toll Brothers and Pulte (which was purchased by Centex earlier this year) who have projects all over the country that aren't selling.

I finally heard back from the N.Y. Times about their Crystal Point article. On June 28, I wrote to the Editor and the Public Editor: Quote: Their automated response says they either print a correction, or respond. So, on July 6 I followed up, wondering if the developer is playing both sides with a misinformation campaign... Finally, two days ago I got this dissatisfying answer from the author which clarifies at least some of the outstanding questions (in bold)... again based on the developer's information. Quote: So. First sales are struggling, but then they're not. Then the prices have dropped, but actually they haven't. Sounds like Donovan: "first there is a mountain, then there is no mountain, then there is." The lesson: don't bother! No, wait. Something positive, I guess. Try harder!

if you can wait the 6 months for them to finish, this is the best value right now, period. best location + included parking + central air + 30 year abatement + 1 of 2 top building in jc (other being 77hudson), all for only 10% more than the older buildings. Even the cheapest/worst view facing west is excellent.

i couldnt wait the 6 month without a mortgage contingency so bought in an older building around there for a cheaper price instead. But if cp is finished and ready to move in, i would pay 10% in a heartbeat.

I went for a look at a model, or at least a look at a floor plan. You have to sign up for a "lecture" to get any info.
How tedious.
So I moved on without wasting an hour of my time.

Morons trying to move million dollar properties! Gee, and they wonder why they aren't selling!

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!

Quote:

drgoogle stop trying to start those rumors please. are you the guy on hobonx who keeps spamming cp is going to auction? ;)

the sales is slow but all they had to do to move the units is lower the price by 10%, no need for an auction with a 40% haircut. The building is one of the best and in probably the best location in jc.

give it a rest...

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.

My fave in real-estate speak is "UP TO" as in "save up to $50,000" on an apartment that is "UP TO 1,000 square feet." Meaning actually the price has been cut $3,000 on a 450 square foot apartment.

"Hurry, because UP TO 90% have been sold"...meaning the place is still largely vacant and unsold.

In cable speak the same can be heard from Comcast with UP TO 200 channels...
Remember, just ONE channel qualifies as UP TO 200.

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.

Maybe someone should send copies of the article to the members of the City Council who voted for the revised tax abatement. After they read the article, they should be forced to eat it before a crowd of angry constituents- no beverages allowed. I guess the developers of Crystal Point are betting our council members don't read the Times. Suckers!

Someone is lying and my bet is the developer either to the city or NYT. Didn't the developer just beg the city for an abatement adjustment because they claimed only 20+ units were sold out of 400+ (abouth 5%)? So, where is this coming from? I think the city needs to investigate and revoke the new abatement agreement if the article is true. Trust me, I'm the biggest proponent of all the new development in JC. It will increase property values as well as quality of life with new stores, restaurants, etc. coming, but it shouldn't be at the expense of the taxpayers subsidizing the developers more than we already have.

Enticed by the Water Views


GOOD RESPONSE A quarter of the condominiums at Crystal Point in Jersey City, above, are sold, while at the not-yet-completed RiversEdge in Weehawken, 20 rentals have been spoken for.

The New York Times
ANTOINETTE MARTIN
June 26, 2009

TWO new high-end waterfront buildings in Hudson County ? one a rental, the other a 42-story condominium tower ? are set to open with very poor timing, especially in the case of the condos.

Nevertheless, their developers say, the developments are getting a healthy early response, without any price slashing or major discounting coming into play as of yet.

At RiversEdge, a 236-unit rental at Port Imperial in Weehawken, a 575-square-foot studio is offered at $1,900 per month, and asking rates for two-bedroom apartments range up to $3,500 ? which pushes the edge of the rent-check envelope in New Jersey right now.

The midrise building will not open its first units until mid-July and will not be complete until fall, but by last week more than 20 apartments had been spoken for, according to Roseland Properties, the developer.

At the 269-unit Crystal Point, 25 feet from the riverbank in Jersey City, almost a quarter of the one-, two-, and three-bedrooms sold even before hard-hat tours for prospective buyers officially started last week. Prices range from $475,000 to $1.7 million.

The Hudson County condo market has been slowly improving since January, according to the latest data. Sales prices have held fairly steady this year, down by less than a percentage point. And Jeffrey Otteau, whose company, the Otteau Valuation Group, analyzes residential sales statistics for brokers, said that in downtown Jersey City, the site of Crystal Point, the pace of condo sales had more than doubled since January.

But he and others did find it startling that the units selling the fastest at Crystal Point were the choicest and most expensive three-bedroom corner units, with water views on two sides.

?That part surprised me,? said Adrienne Albert, the chief executive of the Marketing Directors, based in Manhattan, whose company has marketed many previous Jersey waterfront buildings and is now marketing Crystal Point and two others in Hudson County. ?To have the three-bedrooms flying off the shelves is a little weird, in this economy,? she said.

Brian Fisher, a principal with Fisher Development Associates, the builder of Crystal Point, offered this explanation: ?People have the chance to get a magnificent apartment ? with the best views, the most spacious rooms, top-quality finishes, and every possible amenity ? and it is certain to retain its value for many years, no matter what. ?Value? is everything right now, even for the top-end buyer.?

Still, market specialists say it must be considered an entirely open question whether sales at the new condo tower can retain their momentum.

The sales volume may be up sharply for Jersey City, and also up 56 percent for the county over all so far this year ? but the city has 11 months of unsold inventory and the county has 13 months, according to Mr. Otteau?s calculations. Those numbers measure how long it would take to sell all of the condos currently listed if no other units were added to the market.

At 77 Hudson, another new glass condominium tower a block from the water in Jersey City, sales are slow despite significant discounting, according to several brokers.

Hovnanian Enterprises, 77 Hudson?s developer, said closings were set to start within the next few weeks, with a total of 120 of 440 sold so far. That works out to around 28 percent.

Asking prices at 77 Hudson have sunk since 2007, when urban-waterfront condos were hot. That was when work started there, and on a twin rental tower ? and shortly before work started on the Crystal Point condos and the RiversEdge rentals.

Studios, originally priced from the high $400,000s, are now available in the $300,000s; three-bedrooms on upper floors, first priced at $3 million, are now being advertised at ?$1 million-plus.?

Andrew Marshall is an operating partner at Roseland, which built RiversEdge and is the master developer for the whole of Port Imperial, a mixed condo and rental community that includes its own ferry station and retail stores. He describes Port Imperial as ?doing better than the rest of the market.?

Offering a 10-minute commute to Manhattan, and an array of amenities for both occupants and their pets, Port Imperial has rents pitched high for New Jersey, but ?bargain rate? for New York, Mr. Marshall said.

In the rental world, owners are able to adjust rates more quickly, and can earn profits over the long haul, said Jonathan Moore, a vice president at the Value Companies in Clifton, which owns and manages more than 3,500 apartments in the region. In the current off-kilter economy, he said, a free month?s rent or two is routinely offered at new buildings, but the most attractive buildings sometimes limit those incentives.

A discount on rent has not yet been announced at RiversEdge, but if it is offered, the apartment building would still be high-end for the area, brokers said.

A waterfront locale will always assure enduring value for any type of housing, said Ms. Albert of Marketing Directors.

Many RiversEdge apartments have direct views of Midtown Manhattan, and some take in the George Washington Bridge to the north or the Verrazano-Narrows Bridge to the south; a landscaped community terrace on the fourth floor offers the panorama.

At Crystal Point, from units facing east, the view seems more on the river than beside it ? like being aboard one of the vessels that dock across the river at the Manhattan cruise ship terminal.