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77 Hudson gets ‘high’ marks
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77 Hudson gets ?high? marks

Saturday, May 21, 2011
NORTH JERSEY HOMES

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Photo courtesy of K. Hovnanian

77 Hudson rises above the Hudson River waterfront in Jersey City, providing most residents with prized views of the New York City skyline and a New Jersey panorama. The location also provides convenient access to Manhattan and the NY-NJ metropolitan area?s diversity of restaurants, entertainment venues and shopping centers.


Whether it?s a first-time home purchase, a move from the suburbs to the city or a second home for frequent visits to family and friends, K. Hovnanian Home?s waterfront high-rise 77 Hudson has something for everyone.

Like many people attracted to this sleek blue architectural icon on New Jersey?s Gold Coast, George Villarina was impressed by the curtain wall of windows and overall design of 77 Hudson when he bought his first home here in mid-November.

"I visited other nearby high-rises, but I was really drawn to the amenities at 77 Hudson," he said.

In addition, Villarina was struck by the impressive views of the Hudson River, Manhattan and a New Jersey panorama.

"I love being able to see the New York City skyline out the window," he said. "It?s truly an amazing view." Almost three-quarters of the homes at 77 Hudson offer views of Manhattan.

Villarina, an avid golfer, is also fond of the virtual golf simulator located on the 10th floor of 77 Hudson.

"To be able to practice golf in the wintertime when it?s cold outside is just great," he said. "You?re in front of a big screen but you?re hitting real golf balls.

"When the ball hits the screen, it tells you the velocity and how many yards. You can diagnose your swing, including your good and bad habits. Lifestyle amenities like this are important to me and influenced my decision to purchase a home here."

However, this stately condominium structure, featuring 420 studios and one-, two- and three-bedroom homes, isn?t just attracting first-time homebuyers, like Villarina.

Hua Huang, and his wife Hang Meng came to 77 Hudson for entirely different reasons. "We bought this as a second home so we can visit with family in New Jersey," said Huang, whose primary residence is in Pittsburgh, PA.

The couple especially loves the Jersey City location, close to New York City as well as to many points in both New Jersey and New York State.

"This is a tremendous location that is close to everything we love," said Huang. "My brother lives in New York and my sister-in-law is in New Jersey. This is the perfect place for us to live and be close to family."

With condominiums priced from the mid-$300,000?s to over $1,000,000, it is no surprise that 77 Hudson is in demand among homebuyers. This is due in large part to its combination of state-of-the-art design, exceptional value and easy access to Manhattan by PATH train, Holland Tunnel or ferry.

The tower is located at 77 Hudson Street in Jersey City. The on-site Sales Center is open for appointments or walk-in visits. For more information, call 201-433-2609 or visit www.77hudson.com.

Posted on: 2011/5/21 17:54
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Re: WSJ: Sales at a Hovnanian tower in Jersey City were hurt by Wall Street cutbacks.
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Would-Be Hovnanian Condo Buyer Lost Bid, But Saved Cash

SEPTEMBER 28, 2009
WSJ
By Dawn Wotapka
Of DOW JONES NEWSWIRES


NEW YORK (Dow Jones)--David Bartz doesn't regret the one that got away.

About a year ago, Bartz wanted to buy a $1.4-million unit at 77 Hudson, a 48-story condo project now being finished in Jersey City, N.J., across the river from New York City. But another buyer, he says, snapped it up just days before he was set to sign a contract and plunk down his 10% deposit.

The project is one of many local high-end condo developments - gleaming with granite, concierges and rooftop decks - launched during the housing boom, when easy financing fueled what seemed to be insatiable consumer demand. Bidding wars weren't uncommon between buyers.

But, as a story in Monday's Wall Street Journal points out, single-family housing developer Hovnanian Enterprises Inc. (HOV) also got caught up in the condo excitement. When Hovnanian started construction on the 420-unit project in 2007, interest was high: In October of that year, a double penthouse went for $6 million - believed to be a local condo price record.

Bartz, a real-estate agent who lives in Jersey City, said he selected a 1,500-square-foot, 3-bedroom unit on the tower's 44th floor. He looked forward to sitting on the balcony, which offered sweeping views of nearby Manhattan across the Hudson River.

While he was disappointed someone beat him to the dotted line, that person probably did him a favor. The sizzling real-estate market cooled after last fall's collapse of Lehman Brothers. With New York transformed into a buyers' market, buyers are trying to get out of those pricey contracts they inked during the bubble, fearful of closing on a unit already worth less than what they paid. Even committed buyers are having trouble lining up financing, and condos across New York and New Jersey are sitting empty.

Hovnanian, the nation's sixth-largest builder by annual closings, won't say how many of its units are sold or under contract.

Bartz, who decided to stay in the townhouse he's now owned for five years, says his desired condo's price would be "far away" from $1.4 million today.

"I was taken in by the emotion of the project and the views," he says. "It would have been a tough financial hit."

-By Dawn Wotapka; Dow Jones Newswires; 212-416-2193; dawn.wotapka@dowjones.com

Posted on: 2009/9/29 13:09
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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When is a property "hard to sell?"

Answer: when it is priced higher than buyers want to pay. The simplest fact of economics.

So no developer has "trouble selling because of blah-blah-blah" but rather because he fails to recognize the realities of the market he's in. ANYTHING will sell if the current supply curve and demand curve are properly recognized.

But I guess there is no denial as strong as a real-estate seller's in a declined market.

At the right prices Hovnanian could fill both it's towers by Thanksgiving.

Posted on: 2009/9/29 12:31
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WSJ: Sales at a Hovnanian tower in Jersey City were hurt by Wall Street cutbacks.
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Sales at a Hovnanian tower in Jersey City were hurt by Wall Street cutbacks.

Hovnanian's Debt Is Drag as Housing Heals
Builder Still Feels Effect of Market's Fall Even as Rivals Start to Buy Again; Founder's Death Comes as Blow

Wall Street Journal
By JAMES R. HAGERTY and DAWN WOTAPKA

As the U.S. housing market shows tentative signs of healing, some of the nation's biggest home builders are starting to acquire land again in preparation for better times. But one builder is hobbled going into this land grab: Hovnanian Enterprises Inc.

The nation's sixth-largest home builder in terms of the number of sales completed last year, Hovnanian is still trying to recover from its post-boom malaise. Late last week, the company suffered another blow with the death of its founder and chairman, Kevork Hovnanian, 86 years old. His son, Ara, 52, remains chief executive, a post he has held since 1997.

A spokesman declined to comment on when a new chairman will be named or how the death might affect the family's controlling stake in the company.

Hovnanian took on more debt and made more acquisitions near the top of the housing bubble than most big rivals.

Now, the Red Bank, N.J., company is struggling to return to profitability in time to pay down debt and take advantage of potential bargains as banks unload foreclosed land.

"The company is caught in a tough spot," said David Goldberg, an analyst at UBS Investment Bank in New York.

Asked to comment on the company's financial strains, a Hovnanian spokesman said that "we have been in business for 50 years and successfully navigated through numerous housing cycles."

Early last week, Hovnanian sought to ease its debt burden by offering to repurchase as much as $759 million of debt that was due to be repaid over the next eight years. To finance the purchases, the company is likely to issue new bonds maturing in eight to 10 years, said Vincent Foley, an analyst at Barclays Capital in New York.

That would leave the company's debt at high levels but allow it to delay repayments of the bulk of its debt that otherwise would have occurred in 2013.

The debt restructuring "buys them a lot more time and some flexibility," said Ivy Zelman, chief executive of Zelman & Associates, a research firm. But Hovnanian still "won't have nearly as much dry powder to put to work" on land purchases compared to most of its big rivals, she said.

As of July 31, the end of its fiscal third quarter, Hovnanian's net debt stood at 109% of total capital, far above the average of 26% for the 12 big home builders tracked by Zelman & Associates.

Other builders are boasting of their ability to seize on land bargains. Lennar Corp. said it spent $77 million to buy lots in Florida, Texas, California and elsewhere in its fiscal third quarter ended Aug. 31, up from $58 million in the prior three months.

Lennar also invested $140 million for a 15% stake in a California-based land-development company, the purchase of several communities previously owned by that company, and the settlement and release of any claims.

Despite the spending, Lennar's net debt stands at about 36% of capital.

Hovnanian spent $37 million on land in its latest quarter and has insisted it will be able to purchase more land as opportunities arise, partly by teaming up with financial partners.

Some of its past purchases were ill-timed. Hovnanian made six acquisitions of smaller builders between November 2003 and April 2006. Four were in Florida, now widely considered to be the nation's weakest housing market.

For instance, in August 2005 Hovnanian bought First Home Builders of Florida, which operated in the Cape Coral-Fort Myers area of southwestern Florida, on undisclosed terms.

At the time, Hovnanian said population growth and a healthy job market "make Florida an attractive market for the foreseeable future."

Within a few months, home sales in Florida began to stall. Since peaking in mid-2006, prices in the Cape Coral-Fort Myers area have plunged 50%, according to First American CoreLogic. In 2007, Hovnanian announced a write-off of $107.7 million of assets related to the Fort Myers operations.

In another investment, Hovnanian began construction in 2007 on its biggest tower, a 48-story condominium project called 77 Hudson in Jersey City, N.J., near Manhattan. A sharp drop in Wall Street employment has made it harder to find buyers for the tower's 420 units, according to real-estate agents.

"It's the right building at the wrong time," said David Bartz, an agent who does business in Jersey City, where many condo buildings sprouted during the boom.

Hovnanian was founded in 1959 by the elder Mr. Hovnanian and three brothers, ethnic Armenians who immigrated to the U.S. from Iraq.

The company initially focused on New Jersey and later branched out to neighboring states and Florida. For a time, it built mainly low-cost, cookie-cutter developments.

Hovnanian now builds homes in 18 states, up from seven in the late 1990s. While some builders focus on either the high or low end of the market, Hovnanian tries to be a jack of all trades, with houses at most price points. It also builds communities for older people.

The company has reported losses of more than $2.3 billion over the past three years. Daniel Oppenheim, an analyst at Credit Suisse, projects a further loss of $305 million for the year ending Oct 31, 2010.

Hovnanian has responded to the red ink by slashing its work force to 1,891 in July from 6,870 three years earlier. Hovnanian's stock-market value has plunged to about $314 million from a peak of about $4.8 billion in July 2005.

Despite its troubles, UBS's Mr. Goldberg cautions investors against writing off Hovnanian. "It's not clear how this is going to play out," he said.

Posted on: 2009/9/28 15:43
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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it's pretty obvious they are just doing it to sell the condo next door, as noone would rent at those prices with so much inventory available around the area at 30% lower price.

Posted on: 2009/6/18 20:35
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Snapple--i was seriously just making an observation. I couldn't believe how high the other rents are that's all. Yeah, the rents at 77 Hudson are scary!

Posted on: 2009/6/18 18:46
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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We checked them out and then renewed our lease at Liberty Towers. They wanted $400 more per month for a much smaller unit. Thanks but no thanks....

Posted on: 2009/6/18 17:24
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Those rental prices are way too high. You can live in Manhattan for those rents. Furthermore, Exchange Place is going to have their weekend path service cut off to Manhattan for a year iirc, major problem. Anyone with the money to pay 4k for a 2bd/2bath is going to be spending their time/money in Manhattan, not Newport/Exchange Place.

Sure 70 Greene has nice amenities, but that's not going to be enough to even remotely justify those prices. Maybe they'll luck out and get some corporate rentals the way Grove Pointe did but the average savvy renter is going to balk at those prices.

Given that Wall St is still in a minimal to no hiring mode, I have no idea how all these lux condos are going to get sold/rented without major drops in price...

Posted on: 2009/6/18 14:32
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Re: 70 Greene
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After last night, how soon before they ask for a re-negotiated abatement?

Posted on: 2009/6/18 14:14
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Quote:

marybarr wrote:
Wow! Looking at the rental prices The Beacon is a real deal. I am not sure but compared to the ones posted here up to $1,000 less.


LOL. Rental prices in Columbus, Ohio are less than the Beacon, does that make them a good deal? Too bad the Beacon is in the middle of nowhere, lacks access to public transportation, and is mostly a collection of empty buildings waiting for the right market conditions to finish them off.

Posted on: 2009/6/18 13:56
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Quote:

marybarr wrote:
Wow! Looking at the rental prices The Beacon is a real deal. I am not sure but compared to the ones posted here up to $1,000 less.


Do you ever make a post that isn't an attempt to "sell" the Beacon?

FYI, the buildings are not comparable, and they're both grossly overpriced for different reasons.

Posted on: 2009/6/17 19:57
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Wow! Looking at the rental prices The Beacon is a real deal. I am not sure but compared to the ones posted here up to $1,000 less.

Posted on: 2009/6/17 19:48
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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just like the condos that are only 25% sold after 2 whole years. Those idiots are way overpricing the rentals.

Posted on: 2009/6/17 19:12
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70 Greene
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Just called up 70 Greene on my way home from work (saw the sign on the side of their building) and the prices in the rental tower are pretty eye popping...

--1BR/1BA unit with about 600sqft *starts* at $2400/mo (without parking obviously).

--2BR/2Ba unit with about 1,000 sqft *starts* at $3515/mo

If you have a pet, tack on $500 up front and $75/mo "pet rent". They apparently are giving 1mo free with a 13mo lease (like everyone else) but that still puts them above $2200 and $3240 respectively. My guess is those cheap units are on low floors and probably (this is just me talking here) next to a garbage chute!

Took me about 5mins to get anything about price out of them - they wanted to pitch me on the neighborhood and all the amenities they have to offer. Thanks, but i'll find an owner to rent from and get the 1,000 sq feet for less than what they are charging for a 1br. But it's still good to know what's available.

Posted on: 2009/6/17 15:34
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Quote:
are you guys seriously trying to see if 77hudson is a good rental investment? lol


O course not, rather the converse.
For example is one had the choice, in a 25x market, of renting for 1,000 a month (12K a year) or buying the same place for $300,000 one would have to be totally NUTS to buy.

The rent/buy decision is always applicable to both potential renters or owners, even if one has no intention of using an apartment for investment purposes.

Quote:
the studio (550 sq. Ft.) is 350k, But the 1BR(730sqf) is still way overpriced 460k

Actually they both come in the same, at a breathtaking $630 per square foot...gasp! For that price I want hot and cold running VIRGINS!

Posted on: 2009/5/8 13:08
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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are you guys seriously trying to see if 77hudson is a good rental investment? lol

anyway anyone goto the sales office lately? their studio(550sqf) is actually on par price wise for the area now. 350k, you can probably haggle it down to close 300k. But the 1BR(730sqf) is still way overpriced 460k, i didnt even bother to make a counter offer. I guess a lot of people wants 1BRs and up....

Posted on: 2009/5/8 1:33
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Quote:

Xerxes wrote:
On that "rule of thumb" that a buy should be about 10 times the annual rent roll, how do 77 Hudson (BUY) and 70 Greene (RENT) stack up?
Any guesstimates?



I think it's more like 15-20 times, not 10 (for that area of JC). In NYC it's probably closer to 25 times annual rent.

Posted on: 2009/5/1 15:15
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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On that "rule of thumb" that a buy should be about 10 times the annual rent roll, how do 77 Hudson (BUY) and 70 Greene (RENT) stack up?
Any guesstimates?

Posted on: 2009/5/1 14:23
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Re: 77 Hudson = 70 Greene?
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77 Hudson is the condo tower on the east side, 70 Greene the rental tower on the west side. They share a parking garage.

Posted on: 2009/4/28 13:55
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77 Hudson = 70 Greene?
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There's a poster at the 23rd Street PATH station that pictures 77 Hudson...but it's called 70 Greene instead. Did they change the name of the project???

Posted on: 2009/4/28 13:52
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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After living in both newport and exchange place, i find newport much more convenient, with the mall, target, supermarket, and many more rest all steps away. In exchange place, the area is good dont get me wrong, and steps to where i work, but there really isnt much else yet. You have to drive to get anywhere. I find myself driving to newport mall/target everytime i need to buy something. Both location are steps away from the path/lightrail, so that remains the same.

The gangbangers at newport mall on the weekends is definitely a negative.

Quote:

groovlstk wrote:
wibbit wrote:Quote:

that's a studio not a 1br, and it's more like 390. Maybe they lowered the price now... who knows. For that kind of price, you can buy a 1br in newport, much better area for living.


No offense, but I don't think Newport is preferable to PH or some of the other downtown areas unless access to the mall is the most important consideration.

I'm no fan of 77 Hudson but that area is very quiet yet a stone's throw from Exchange or the ferry - minus the hoards of annoying teens and transients that pass through Newport.

Posted on: 2009/3/20 18:30
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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wibbit wrote:Quote:

that's a studio not a 1br, and it's more like 390. Maybe they lowered the price now... who knows. For that kind of price, you can buy a 1br in newport, much better area for living.


No offense, but I don't think Newport is preferable to PH or some of the other downtown areas unless access to the mall is the most important consideration.

I'm no fan of 77 Hudson but that area is very quiet yet a stone's throw from Exchange or the ferry - minus the hoards of annoying teens and transients that pass through Newport.

Posted on: 2009/3/20 18:02
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Quote:

matchjames wrote:
website says they start in the 300's.


that's a studio not a 1br, and it's more like 390. Maybe they lowered the price now... who knows. For that kind of price, you can buy a 1br in newport, much better area for living.

Posted on: 2009/3/20 16:57
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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oh I'm sure! seeing these is on my 'someday' list...

Posted on: 2009/3/20 14:28
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Yeah, but I bet the units in the $300's are looking into the windows of the rental building.

Posted on: 2009/3/20 13:40
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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i wonder what a 300's studio might be like in there? Sure, I know its a ton of money but on a high floor that could be something kind of cool, no?

Posted on: 2009/3/20 13:34
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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When my wife and I were looking for our first home a year ago, we never bothered to look at 77 Hudson because it was way out of our range. Our real estate agent said that most of the buyers there are South Koreans, Japanese, and Germans who bought for investment.

Funny thing, if you look on Craigslist today you'll see a 1BR advertised for $463k. That's quite a bit less than what they were asking a year ago. Sounds more reasonable now but I'd also guess that the common charges are astronomical.

Posted on: 2009/3/20 13:22
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Re: Wall Street Journal: Hard Times for Hovnanian’s 77 Hudson -JC’s condo values fell 11% from 2007 peak
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...studios start in the $300,000 range and three-bedrooms fetch $1 million or more...
Quote:

Hard Times for Hovnanian?s Jersey City Condo

Wall Street Journal
By Dawn Wotapka

During the boom, home builder Hovnanian Enterprises Inc. launched its biggest tower, a 48-story condo showpiece in Jersey City, N.J., offering Big Apple views just feet from the Hudson River. Now it?s set to debut in an environment gone bust.

The address remains prime, but nearby Wall Street?s continued turmoil is feeding the region?s unemployment, affecting many purchasers and depressing sales and prices. Foreigners, long a key buying group, are battling what has become a worldwide economic crisis.

That could mean unsold units, an elevated cancellation rate and fights over deposits at Hovnanian?s 77 Hudson project, expected to start closings in the late spring/ early summer.

Even interested buyers with good credit may get tripped up: The building isn?t eligible for loans guaranteed by government-backed mortgage agencies Fannie Mae or Freddie Mac. Fannie now requires at least 70% of units to be presold. Hovnanian says it is offering competitive rates through various partnerships.

The builder ?is backed into a corner here,? said Vicki Bryan, senior high-yield analyst at Gimme Credit. ?They?re trying to get [buyers] to the table, I guarantee you, every way they can.?

Red Bank, N.J.-based Hovnanian spent the last half-century becoming a national single-family player; it is now the sixth largest by annual closings and revenue. But, any condo developer will tell you going vertical carries different risks.

Projects are typically in urban areas where land is costly, and once construction starts, towers can?t easily be halted or changed, even if market conditions shift during the multiyear construction period. They also require a significant monetary investment upfront, betting on a payday when, and if, contracted buyers close.

Back when it was announced, success seemed all but guaranteed for the 420-unit tower, where studios start in the $300,000 range and three-bedrooms fetch $1 million or more. Such prices are a big change from those listed in a Real Estate Weekly article back in August 2007. The story listed sales prices ranging from the upper $400,000s to more than $6 million, with available units starting in the $500,000-range.

In October 2007, a double penthouse went for $6 million ? believed to be a condo price record, according to Strategic Real Estate Advisors, which Hovnanian said advised a financial partner in this joint venture.

But that was the old New York. In the last six months, Hudson County?s property values have experienced a depreciation rate nearly twice the nation?s, according to the Clear Capital Home Data Index. Real estate Web site Zillow.com says Jersey City?s condo values fell nearly 7% in the fourth quarter compared with a year earlier. From their bubble peak in 2007?s second quarter, values have taken an 11% hit.

Posted on: 2009/3/20 13:14
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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Home away from home
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website says they start in the 300's.

Posted on: 2009/3/20 12:54
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Re: Two 48-Story Residential Towers - 900 units & 20,000 sf of retail - JC Waterfront - 77 Hudson Street
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This building is cursed. It had a huge fire, then a man fell to his death. I work right next to it, and all of our business continuity shit went crazy that night, everyone got called at 5-6 in the morning. 2 of my coworkers signed there, but both were laid off early this year.

I think they have to lower the price from 550k 1br to something more reasonable to move those units. Unless they just dont want to sell and decide to hold it vacant for a few years.

Posted on: 2009/3/20 7:18
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