Hello,

In the last week or so, I have been to sales offices and received prices for remaining units at these new construction buildings:

A - $600-$800/sqft (very nice building but overpriced)
Fulton's Landing - $550/sqft (terrible quality, poor layout)
Gulls Cove - $500-550/sqft (views wont last, far from PATH)
Montgomery Greene - $580/sqft (great finishes)
Waldo Lofts - $500/sqft (about to be engulfed by Liberty Harbor)
The Beacon - $465 - $500/sqft (location is in the projects)
Gove Point - $690/sqft (price point is ridiculous, renters comon!)
Schroeder Lofts - $475/sqft (too far from Path)

Most buildings are between 45-75% sold. I can report to everybody prices were $40-$100/sqft cheaper only 4 months ago, as most of these buildings instituted prices increases in just the last 3 months. These price increases exist despite agents getting desperate to sell the units that are remaining. I personally witnessed developers negotiating on upgrades, financing, and yes even price. There is CLEARLY a slowdown underway. With current prices not reflecting this slowdown and interest rates at 4 year high, I have to conclude that this is a TERRIBLE time to buy a condo in JC. I wanted to buy a condo very badly, and had saved up $100,000 to do so this year. BUT with my analysis, I have decided to calm my excitement and wait for prices to reflect the rising inventories and lack of demand. I see prices coming in at 20% lower in the next 12 months and that Trump's new 1000 units will only put more downward pressure on others prices as his units will not sellout.

Thoughts anybody?