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Condo Shopping Observations

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2006/7/8 4:45
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2009/7/6 6:07
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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?

Posted on: 2006/7/8 4:47

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