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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
 
Joined:
2005/12/18 2:57 Last Login : 2017/9/14 20:15 From Crystal Point
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see if this works, courtesy of Walter Burns
http://us2.campaign-archive1.com/?u=4 ... d=8e9b1be085&e=9dcce304eb
Posted on: 2016/1/26 17:57
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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The link, below, is busted.
Any other options for square footage comparisons?
Posted on: 2016/1/26 17:16
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Newbie
 
Joined:
2015/8/27 20:26 Last Login : 2021/11/12 18:49 From Jersey City
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Keller Williams Realty also puts out a quarterly market report that gives a breakdown of price per square foot in DJC and Hoboken as well.
Posted on: 2015/9/26 0:33
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Newbie
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Nope, unfortunately I think you need to schedule a viewing and go through the whole pitch. It really only takes about 20 minutes to walk through the two models they have set-up.
Posted on: 2015/8/24 23:00
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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Is there a site where we can see unit layouts, sq footage and prices? There is nothing on their sales site.
Posted on: 2015/8/23 13:22
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Newbie
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I bought in the Oakman, taxes at .9% and HOA in the low $400s for a 1BR with a balcony. For my sake I hope we one day see $2000 per sq foot lol
Posted on: 2015/8/21 15:37
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Newbie
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Not so sure I agree that those renters will be considered as a significant gauge for what the overall demand curve will be for The Oakman and other new luxury DTJC condo will be. Once sales open to the public including all the NYC shoppers who are used to seeing luxury buildings with those kinds of luxury doorman buildings sell for over $2,000/sf with higher HOA and tax, the perception of what constitutes "too high" completely changes, and DTJC even at these new price heights becomes an attractive bargain alternative to consider. I guess you can say I echo the others on these boards who say that certain areas of DTJC will continue to follow a similar path of Brooklyn, LIC, etc. where prices continue to surpass levels that nobody thought would be feasible.
Posted on: 2015/7/24 2:19
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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That was pure speculation on my part. I based that opinion on the fact that pre-sales tend to be very "targeted" and are often used as gauge of potential market interest. In this case, the pool of potential parties to which the pre-sales was open was the residents of their "sister" building (the ArtHouse JC) and that represents a very narrow slice of the market that they already know can potentially afford the new condos being built. If your pre-screened candidates are balking at the prices, you are likely pricing yourself too high.
Posted on: 2015/7/23 18:41
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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If this is true, why would the Oakman lower its prices based on underwhelming "pre-sale" numbers? I'd think they'd wait to see how the public sale period goes before slashing prices.
Posted on: 2015/7/23 18:13
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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Yes, I am sure Oakman started the process of "pre-sales". There were private showings for residents, and that was expanded to "friends and family". If you call JCRealty, you can get someone to show you the demo units. The "public" sale period will not start until later this year. As for Provost Square, the first phase (The Morgan) is an all rental building, but the next phases will include condo units. In total, there will be three buildings encompassing 925 rental and condo units.
Posted on: 2015/7/23 17:25
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Quite a regular
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Can't get that report to load but any idea what the sq ft prices are in these places for 1 and 2BR?
Posted on: 2015/7/23 17:24
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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bodhipooh, Are you sure oakman sales has started? when i emailed them they said sale wont start until sept, and i havent heard any updates since from the mailing list. also Provost Square is a rental not a condo.
Posted on: 2015/7/23 14:34
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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Thanks for the information on the abatement. I had heard they had an abatement but wasn't sure what it was. I have been meaning to go check out the units and get all the relevant details, but I haven't had a chance to do so.
Posted on: 2015/7/23 14:19
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Newbie
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There may be some new construction with a full 2.1% tax, but I have visited The Oakman and they have a 20-year tax abatement starting around 0.9%. Not sure about the other buildings in the area but I'd have to assume they are not the only one with an abatement.
Posted on: 2015/7/23 13:58
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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Indeed, many condos going to market get multiple bids (many all cash offers) but that is a result of foreign buyers participating in our market, and desirable/good units. Not every condo is being snapped up. The Gannon is about 27 units, and only 7 or 8 have sold. They have been at it for over a month, maybe two, now and that is a fairly slow pace for what is supposed to be a hot market. I know for a fact that they just lowered their prices by a good amount. New price sheets are being printed and distributed during visits. The Oakman also priced itself a little too high and word is that their pre-sales have been underwhelming and failed to meet projections. In fact, that has had an impact in their construction schedule, which is now running behind. I am sure they will be lowering prices soon. Once the condo building for Provost Square gets completed, some additional pressure may lower prices even further. I think the RE condo market is SUPER HOT in DTJC, but some of the prices being commanded are (in my opinion) a little too high, especially when you factor in the relatively high taxes that all new construction places will be paying (full 2.1% on what I have seen so far) and then add the HOA/condo fees from high end, luxury buildings, and the proposition of owning a condo in a high-end building becomes very daunting.
Posted on: 2015/7/23 13:06
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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Posted on: 2015/7/23 12:01
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Just can't stay away
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Posted on: 2015/7/23 2:06
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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FYI, the Najjar Group puts out a (paper) report of recent sales in JC and Hoboken, which includes breaking down monthly costs by square foot. You may want to check with them, see if you can get a copy, which should give you a rough idea of any price differences based on unit type and size.
Also, keep in mind that condo inventory is very tight right now. I think it's difficult to find any condo right now, and as soon as something goes on the market, it can get numerous bids right off the bat.
Posted on: 2015/7/22 13:52
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Re: 1BR vs 2BR vs 3BR on $/sq ft
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Home away from home
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There does seem to be a bit of a premium on 1BR units, but that's easy to explain. There are some base costs that are the same/similar regardless of number of bedrooms: some elements will be the same amount, such as kitchen appliances and cabinets are the same amount/volume for both type of units, the amount of doors inside (except, perhaps the additional one for the extra bedroom, and perhaps the closet space/area) and other such things. What I do find interesting is that builders have been slow to introduce larger units into the marketplace. Finding a three bedroom is hard, both for rentals and for sale. The ArtHouse JC had a total of ~12 (including two penthouses) which is a smidgen over 10%. The Morgan has a handful of 3-bd units, and that is a HUGE building. Maddox didnt have any, and I think Warren at York didn't have any either. It's a shame. I think that for young, growing families, one of the problems with JC is not just the subpar school system, but also that the availability of housing stock to accommodate a growing family is sorely lacking.
Posted on: 2015/7/22 12:30
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1BR vs 2BR vs 3BR on $/sq ft
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Quite a regular
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Curious what the current DTJC condo market looks like in terms of 1, 2 and 3BR. A few years ago 1BRs, assuming in the same building and similar finishes, were about 15-20% higher on a $ per sq ft basis compared to 2BR units. Is that premium still true or do you think there is more demand now for larger condos? Hard to even find 3BRs so maybe just comparing 1 and 2 bedroom units is better. Just curious what people are seeing.
Thanks
Posted on: 2015/7/22 12:19
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