Sales Slow, but Continue
By admin on Saturday, June 21st, 2008 at 7:48 am
Development in Hoboken’s west side is slowing, but waterfront properties continue to sell according to the Times. The Toll Brothers waterfront projects continue to sell quickly, including Maxwell Place. Strong sales there could both provide incentives and capital to move forward with a three tower complex in Jersey City’s Powerhouse District.
Meanwhile, on the west side of Hoboken where recently a movie theater broke ground, sales are slowing. Asking prices are the first round of negotiations down rather than the starting point for a bidding war. Some projects have since been converted to rentals. The Velocity for instance, the luxury project under construction next to Hoboken’s low income projects has since gone rental. Similarly, the Cliff Lofts went from condo to rental last year as well. The Cliffs are technically in Jersey City, but sit at the base of the Palisade cliffs, across the street from Hoboken’s Second Street light rail station.
Another area still booming is on the Jersey City border near Observer Highway. Several low rise projects are currently under construction along Paterson Plank Road at the intersection with Observer Highway. Also in the vicinity is 700 Grove, again, technically a Jersey City project, where some units remain available even though the building opened a year ago.
The strength of the real estate market is holding in the most desirable areas like waterfront locations and those in proximity to rail stations. However, deals can be found in regions farther from the core of gentrification and redevelopment.