Hudson Tea Building

• Active Inventory for sale – 13
• YTD Sales 19
• Average Sales Price $575,090
• Average Sales Price Per Square Foot YTD is $527

Harborside Lofts at Hudson Tea -

• Current Inventory for sale – NONE
• YTD Sales – 4
• A studio sold for $440,000 or $626 per square foot
• 2 Bed 1 Bath sold for $679,900 or $566 per square foot
• 2 Bed 2 Bath sold for $810,000 or $502 per square foot
• 2 Bed 2 Bath sold for $855,000 or $550 per square foot

Garden Street Lofts

• Current Inventory for sale – 3
• YTD Sales – 1
• 3 Bedroom 2 Bathroom sold for $1,200,000 or $582 per square foot

Zephyr Lofts

• Available Inventory for sale – 4
  
• YTD Sales – 2
• 2 Bedroom 2 Bathroom sold for $290,000 or $206 per square foot
• 1 Bedroom 1.5 Bathrooms – Penthouse sold for $375,000 or $434 per square foot

Waldo Lofts

• Available Inventory for sale – 4
• YTD Sales – 3
• 1 Bedroom 1 Bathroom sold for $380,000 or $417 per square foot
• 3 Bedroom 2 Bathroom sold for $540,000 or $413 per square foot
• 3 Bedroom 2 Bathroom sold for $620,000 or $392 per square foot

Library Hall Lofts

• Available Inventory for sale – 0
• YTD Sales – 1
• 2 Bedroom 2 Bathroom sold for $215,000 or $204 per square foot

If you are in the market to buy or sell a loft, New Jersey Real Estate Guys would value an opportunity to offer a complimentary personalized consultation.  Please call Scott @ 877-688-7582.  We are located at 1 Newark St. in Hoboken near the PATH.

Finding the right apartment complex or multi-family dwelling can be tedious but tremendously rewarding.  As inflation nears, so do increases in rental rates.  Combined with the historically high number of rental demand in today’s market and the dwinding supply of living units, the upside for NJ multifamily is great.  These factors are resulting in the perfect storm for real estate investors.  NJ Real Estate Guys can provide non-public offerings as well as act as your representative to assist in the entire acquisition of any multifamily assets and assist in the Due Diligence process.

What makes a good multifamily or apartment complex investment.  Well, the first thing most investors want to know is “What is my ROI?” or “What is my Capitalization Rate?”  Your Capitalization Rate (Cap Rate) is the correlation between Net Operating Income (NOI) and Market Value.  Or it can be described as your first year yield.  Either way you look at it, the Cap Rate is  calculated by taking your NOI and dividing it by your purchase price.  Or if you are looking at a specific property, you can calculate it by dividing the NOI by the asking price.  In short, the NOI is derived from taking your total Gross Income of the subject property and subtracting all of your operating expenses, ie.. Taxes, Insurance, payroll, water/sewer, maintenance, management, and about a million other things.  A good commercial broker can look at an operating expense statement and determine if it is realistic or not.  We provide a hands on analysis and evaluation as a free service to our clients.

It is widely expected that New Jersey rental rates on residential units are going to increase in what could be a substantial amount.  We are already seeing this in most of Hudson County, where rental rates have increased anywhere from 3-10% since just last year.

Where do you look for multifamily investments?  That depends on what your strategy is, but one determining factor in making a decision is location.   Commercial multifamily is broken down into three classes.  A, B, and C.  Value-Add B and C properties were particularly hit hardest by the credit crisis.  Properties with high vacancies, poor management, and deferred maintenance and repairs are considered Value-Add assets.  While value-add complexes could make the deal a home run, only cash investors are typically interested in these as financing is near impossible and you will likely be sinking a lot of money into the property during its first year of operation in order to improve occupancy and stabilize the property to make it run smoothly, ultimately improving its revenue stream.  Here is our opinion on the Class designations of multifamily.

• Class A properties are well located and are new or newer construction.  These will have good infrastructure and good management.  Class A commands the highest rents from high quality tenants.
• Class B is a little older, but still of decent quality.  Often times, investors of Class B assets will buy as a Value-Add play and target these in speculation of returning them to Class A through some renovation such as exterior, facade, and common area improvements.    
• Class C is your older construction located in less desirable areas that are often in need of some rehab, have older technology, etc… As you read the description of Class C, you may think of it as a deterrent.  I have found some of my best deals in Class C multifamily.  Good management is key.

The good thing about investing in multifamily is that if one of your units go vacant, you still have all of the other units providing income.  If you are a single family home investor, if your tenant moves out, so does all of your income until you replace that tenant.

In New Jersey, the upside is what is attractive moreso than the current Cap Rates at what multifamily is currently trading at.  In many areas of Northern NJ, this is currently where complexes are trading:

• Superior Area:  5-6% Cap Rate
• In the middle:   6-7% Cap Rate
• Inferior Area: 8-10% Cap Rate

Why such a difference in Cap Rates?  Most investors prefer higher yields in higher risk areas, and will accept lower yields in less risky areas.  In all areas, the upside is very good considering where the economy is today and where it is expected to be in 3 years.  From 2008 to 2009, the average apartment complex saw Cap Rates improve by about 150 bps, or 1.5%, so a complex that was bought performing at a 6% Cap Rate improved to 7.5% in one year.  With the correction in the market near a conclusion, we expect those levels to come back in the very near future.

Recent complexes we have looked at have been located in Bloomfield, Montclair, Morristown, Jersey City, Hoboken, Clifton, Nutley, Passaic, East Rutherford, Newark, and Elizabeth.  We are seeing a huge increase in inquiries from investors both local, out of town, and internationally.

If you are in the market for multifamily or an apartment complex or would simply like to discuss different options, New Jersey Real Estate Guys has “second to none” experience and a seasoned team of veteran professionals who are invested in this type of asset class personally.  We can provide unmatched market knowledge provided with current data, as well as personal experiences to help you in understanding this investment strategy.  Please call Scott Allan at 877-688-7582 or e-mail here.

The average sales price this year has been $502,927 where the average sales price in 2009 was $528,181.

Whether or not more units with views sold last year than this year we still base things off of the price per square foot.  In 2009, the selling cost per square foot was $583.  Year to Date in 2010, the average price per square foot on units sold is $528, a 9.0% drop since last year.

Since sales volume has picked up steam, we do not anticipate a much further drop in prices.  A large demographic of the area is drawn to the landmark Hudson Tea Building for its convenience, location, amenities, and probably most discussed is the high loft ceilings with larger than normal windows.  Really, you don’t get a bad view no matter what unit you choose.

If you would like an exclusive showing appointment to any condos in the Hudson Tea Building, we would value an opportunity to offer this to you as well as share some suggestions and keypoints to the building.  Call Scott @ 877-688-7582 or contact me by e-mail.

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September 2010 Update

If you are a potential seller of your unit in the Hudson Tea, feel free to contact us to discuss our strategic home marketing

We’ve been fielding several inquiries about the Hudson Tea Building condos for sale this year.  Hudson Tea is one of my favorite buildings in Hoboken.  In addition to its appeal in location, amenities, and all that stuff, most are aware that it is a residential conversion from the old Lipton Tea Building.  When Toll Brothers bought the building to convert, the structure allowed Toll to maintain high ceilings in every unit which offers a nice airy and lofty feel.  Floors have been poured solid with concrete and even a woman walking in stilletos on their wood floor above you cannot be heard in your unit.

Windows are huge and most units have pristine views of the Hudson River, Manhattan, south Hoboken/Jersey City, etc.  Activity has been strong this year and prices are looking like they haven’t deviated much from the peak, an indication on a strong micro market in the building.  The smaller units, known as Alcove Studio units are as close as  you can get to 1 Bedroom.  They are big enough alcove areas to be considered as a full bedroom.  If you have seen alcoves before, you are lucky to get a single bed in that crampy area.  Not in the Tea Building.  Plenty of room.  Sleeping space and views are important in amenity buildings for Hoboken real estate.

2010 Sales: 17 in total per the Hudson County MLS.

• Unit 4W:  Alcove Studio with 735 SF.  Asking $375,000.  Sold for $362,500 on 5/25/10
• Unit 9N:  Alcove Studio with 735 SF.  Asking $379,888.  Sold for $372,000 on 9/7/10
• Unit 2K:  Alcove Studio with 735 SF.  Asking $389,000.  Sold for $375,000 on 2/26/10
• Unit 2S:  Alcove Studio with 735 SF.  Asking $404,900.  Sold for $380,000 on 5/13/10
• Unit 6G:  Alcove Studio with 735 SF.  Asking $405,000.  Sold for $400,000 on 8/30/10
• Unit 8O:  Alcove Studio with 735 SF.  Asking $419,900.  Sold for $410,000 on 9/7/10
• Unit 7S:  1 Bedroom with 835 SF.  Asking $438,888.  Sold for $410,000 on 1/15/10
• Unit 6N:  Alcove Studio w/ closet with 735 SF.  Asking $475,000.  Sold for $455,000
• Unit 9C:  1 Bedroom with 895 SF.  Asking $479,000.  Sold for 470,000 on 1/29/10
• Unit 7C:  1 Bedroom with 875 SF.  Asking $499,888.  Sold for $485,000 on 2/4/10
• Unit 4A:  1 Bedroom 2 Baths with 1100 SF.  Asking $558,990.  Sold for $550,000 on 1/22/10
• Unit 3I:  2 Bedroom 2 Baths with 1155 SF.  Asking $659,000.  Sold for $580,000 on 1/15/10
• Unit 4U:  2 Bedroom 2 Baths with 1200 SF.  Asking $619,900.  Sold for $585,000 on 4/22/10
• Unit 4L:  2 Bedroom 2 Baths with 1155 SF.  Asking $609,000.  Sold for $585,000 on 5/4/10
• Unit 5D:  2 Bedroom 2 Baths with 1305 SF.  ASking $649,900.  Sold for $650,000 on 6/1/10
• Unit 12R:  2 Bedroom 2 Baths with 1415 SF.  Asking $815,995.  Sold for $778,200 on 4/8/10
• Unit 5H.  2 Bedroom 2 Baths with 1360 SF.  Asking $850,000.  Sold for $800,000 on 4/16/10

So far this year, 2 Bedroom units have sold for an average of $663,033.  There is about a $100,000 premium for water/city views as opposed to southeast views which give you partial Manhattan and south Hoboken / Jersey City views.  The 2 bedroom units that have superior views sold for an average of $789,100 per the MLS.  However, I have seen private sales for the following:

Direct NYC views with windows facing east.  These 2 bedrooms have sold for about $905,000, $854,000, and $974,000.

A 2 bedroom view with windows facing south just sold for about $750,000.

The 1 Bedroom and Studios have sold for an average of $424,500.  A recent private sale just sold for about $470,000.  This unit and the ones listed above that were lower than $470,000 have views of the courtyard.  No water or city views.  There is nothing wrong with these units as you still get the same amentities. Monthly association dues range from about $350 – $425 per month.  Taxes range from $5,000 to $6,500 annually.

If you are looking for a condo in the Hudson Tea Building, give us a call to set up a showing appointment or to hear some suggestions on this wonderful complex.  You can call us at our Hoboken office at 877.688.7582 or e-mail us.

80 Park Ave:  525 SF Alcove Studio:  Asking $294,000.  Sold for $260,000.  40 Days on Market

119 Clinton:  1 Bedroom 1 Bath.  Asking $299,000.  Sold for $284,500.  130 Days on Market

904 Jefferson St:  751 SF 1 Bedroom.  Asking $399,000.  Sold for $385,000.  38 Days on Market

82 Bloomfield:  960 SF 2 Bedroom.  Asking $429,000.  Sold for $409,000.  35 Days on Market.

212 Park:  930 SF 2 Bedroom.  Asking $449,000.  Sold for $441,000.  10 Days on Market

712 Grand:  1265 SF 2 Bedroom.  Asking $529,000.  Sold for $500,000.  98 Days on Market

824 Monroe:  1393 SF 2 Bedroom.  Asking $549,999.  Sold for $530,000.  184 Days on Market.

904 Jefferson:  1641 SF 3 Bedroom.  Asking $775,000.  Sold for $740,000.  191 Days on Market.

1025 Maxwell:  1298 SF 2 Bedroom.  Asking $799,999.  Sold for $790,000.  184 Days on Market.

61 Madison:  2522 SF 3 Bedroom Duplex.  ASking $1,199,900.  Sold for $990,000.  13 Days on Market.

• Total Sales for the week was 10.

• Average sales price was $532,950.

• Average of 92 Days on Market.

If you are looking to buy or sell a condo in Hoboken, give us a call.  We would value an opportunity to share some suggestions regarding your position in the Hoboken real estate market.

AUGUST 2010 Report

Rutherford, NJ JULY 2010 Real Estate Report

What a normal, boring month for Rutherford.  Sales have not reached double digits even once this year on a monthly basis.  Are homebuyers favoring Lyndhurst right now?  Doubtful, I don’t think anything along the lines of preference changed.  The expiration of the Homebuyer Tax Credit had a bit to play in the sluggish month, although as mentioned, this is kind of the norm for Rutherford.  Not entirely a bad thing.

I was with a client last week showing a house on Feronia Way and they said the same thing a friend of mine in Rutherford says.  Rutherford has one of the most convenient transit systems and has an overwhelming “at home” feeling than the surrounding areas.  Additionally, the school system has achieved higher recognition which always is a great selling point.

Has everyone heard about the ARC Program?  This will definately help home values in the area including Rutherford.  Instead of me blabbing about ARC working with Port Authority to build an additional tunnel into Manhattan giving the Main and Bergen Line DIRECT access into Manhattan with no Secaucus/Hoboken connection, CLICK HERE.  Ooops…I think I just gave it away.

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To preview the y/o/y and m/o/m charts and official New Jersey Real Estate Guys statistics for Rutherford, CLICK HERE.  This will show you 2009-2010 figures.

As always, if you are looking to buy or sell a home in Rutherford, New Jersey Real Estate Guys would value an opportunity to work with you and give you our opinions on the local market to assist in your buying / selling needs.  Feel free to call us at 877.688.7582.

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Another area in the suburbs we like is Rutherford, NJ, a quiet and peaceful place for you and your family and only minutes to NYC and the other metro areas of Northern NJ. For you partiers out there, Rutherford is a B.Y.O.B town with plenty of great restaurants and landscape to enjoy. Armed with a great school system, real estate taxes are less than Montclair at least with just as much convenience.

One very big asset for Rutherford is its direct public transportation system into Manhattan which takes about 15 minutes from door to door via NJ Transit. Historically, Rutherford has a quiet real estate market with limited availability, thus, fewer monthly sales than other markets with more inventory. That being said, recognizing the low inventory, sales are not reaching the level they need to in order to drive down inventory.

To view all homes for sale in Rutherford CLICK HERE. Be sure to fill in your desired criteria using our customized search tool. Contact us at 877-688-7582 to set up a showing appointment or follow the showing instructions on each individual listing in your search.

Prices are down about 18% since its peak have average sales prices have slid since the start of 2010. During the second half of 2009, the average price of a home sold in Rutherford bounced around $425,000. Since February 2010, the average price of a home sold in Rutherford is bouncing around $375,000. Currently there is a home under contract for $1,250,000 that should drive up the average sales price in July or August, but we anticipate that the average will set below $400,000 throughout 2010 until inventory is absorbed at a faster pace. Let’s look at the most recent month of June.

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Rate of Absorption: An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. Based on the figures above, the absorption rate remains high in Rutherford. Hopefully the 18 homes under contract close in July to lower the rate of absorption. Sellers being pressured with lowering prices will likely conceed a little more to buyers if they are motivated.

To check out a full statistic report on Rutherford real estate CLICK HERE. This report will show month over month and year over year comparisons of sales volume and average selling prices.

If you are looking to buy or sell a home in Rutherford, we would value an opportunity to meet and discuss your options. We can provide you the due diligence to assist in your decision in the housing market. You can e-mail us or call me direct at 877.688.7582

With an occupancy rate of nearly 100% over the last 12 years, these 4-Family Homes present a perfect opportunity for any homeowner or investor.  Due to the current owner being an owner occupant, he has taken tremendous care to preserve the utmost value for these homes located in the beautiful historic district of Morristown, NJ.

55 Wetmore Avenue $579,000

A four-family house consisting of four 1BR/1BA apartments. These units are very easy to rent. The building has had a near 0% vacancy rate over the past 12 years. Located in the Historic District of Morristown on the dead-end section of a quiet residential street. Within walking distance of the Morristown Green, the train station, the Community Theater and the best shops and restaurants in town. Quick access to major highways. Each apartment has a private front and back entrance, back patio and separate utilities. The current average rent is $1096/month with the tenant paying both gas and electric.

$52,620 Rental Income
$12,504 Property Taxes
$1,776 Hazard Insurance
$1,362 Utilities (water & sewer)
$36,978 Net Operating Income
All Units separately metered (tenants pay)
New vinyl windows 1993
New 300 amp electric service 1999
New back porch and staircase 2000
All units renovated 1993-1996

50 Western Avenue  $899,000

A four-family house consisting of two 2BR/1BA apartments downstairs and two 4BR/2BA apartments upstairs. Located in the center of town, just one block from the Morristown Green. Within walking distance of the train station, the Community Theater and the best shops and restaurants in town. The backyard borders a wooded National Park and the yard is meticulously landscaped. Each apartment has a private front and back entrance, back patio or deck and separate utilities. Tenants pay gas and electric.

5700 Total Square Feet.
Built 1911
$99,600 Rental Income (assume $2,000/month for owner occupied unit)
$18,861 Property Taxes
$2,473 Hazard Insurance
$4,242 Utilities (water & sewer)
$74,024 Net Operating Income
All Units Separately metered gas/electric (tenant pays)
New Vinyl Windows 1998 and 2002
New 300 amp electric service 1999
ALL UNITS and exterior completely renovated from 2001 – 2004

If you are looking for the best of the best townhome living in Hoboken, let us give you a private tour of the luxury living.  Maxwell Place Townhomes are selling surpisingly well and nearly half of the townhomes are sold.  Toll Brothers is expected to have a price increase later this year.  Our brokerage has several of the Maxwell inventory listings.  Ask us for a showing today.

Where can you find over 2,700 sq ft of living space, covering 3 Floors, looking directly at Mid-town Manhattan?  One of the most exclusive luxury complexes in New Jersey and the finest of Hoboken real estate- Maxwell Place on the Hudson.

Most of us here know about Maxwell Place, but we’re not sure how many know of the 10 exclusive townhomes they’ve developed on the Eastern side of the 1125 building.

Starting just under $2.2MM and going up over $2.7MM these are, no doubt, some of the most unique homes currently on the market.  Until recently, the main option to purchasing a condo in Hoboken would have been a Brownstone.  While they can be gorgeous and offer the feeling of a house in an urban environment they have several drawbacks.  Typically brownstones don’t offer parking, views or amenities.  Maxwell’s townhomes offer upscale, luxury living w/the feel of a single family home – indoor parking for each unit, access to all the Maxwell Place amenities, private entrances and that all important full-on view of NYC enjoyed from every room in each home.  You can’t help but be overwhelmed by the 2 story bay window in the main living space making the most of the view.

Each home is currently a shell, waiting for it’s buyer to choose what they ultimately want their home to look like. (Toll Brothers offers 3 different finish packages to choose from).  So far 2 of the homes are spoken for, but that leaves several 2 and 3 bedroom homes left.

Let us know if you have questions or interest in seeing one of these remarkable homes.  These are exclusive homes for sale and not offered on the Multiple Listing Service.  To inquire about these units, please contact us via phone or e-mail so we can get your critiria and give you an availability report with an opportunity to set up a viewing appointment.

All other condos for sale at 1125 Maxwell Place

Riva Pointe on the Gold Coast of Weehawken, NJ provides all of that and then some, including not only the finest interior specifications, but turn key amenities.  Parking?  Fitness?  Serenity?  Got it, and it’s included. 

Designed to give homeowners the most tranquil, secure, and convenient location, Riva Pointe is accessed by its 24 hour guarded entry, monitored video surveillance, and secure, street-level parking garage. Fitness and health enthusiasts will appreciate the privacy of Riva Pointe’s heated, indoor swimming pool, convenient fitness equipment, and saunas.  If you are a boater, enjoy being only seconds away from Lincoln Harbor Marina, a 250 slip amenity.

View all Riva Pointe Condos For Sale

Located steps from the Lincoln Harbor Ferry service, homeowners and tenants can enjoy 8 minute convenience to midtown Manhattan, or opt to take additional mass transit anywhere they want to go. 

If you would like an exclusive tour inside of Riva Pointe or are looking for additional information on any of the condos for sale, please contact us immediately, and we will promptly handle your request.

 

One of the more beautiful developments, Harborside Lofts is an extension of Toll Brother’s coveted Hoboken Hudson Tea complex.  Toll transformed this original Hudson Tea Factory building into what it is today.  With 13’ ceilings and all the amenities a luxury building could offer – 24 hr concierge, PATH Shuttle, parks with children’s playground, fitness center, PATH Shuttle Service, Community Rooftop pool in works, and much more…

View Available Harborside Lofts for sale and Rentals

Browse all Northern NJ Lofts for sale

The appliance package alone is one of the best we’ve seen, includes names like Viking, Sub-Zero, Miele and Bosch.  Many of the original home owners had the option to purchase private roof-top terraces.  The ones who decided against it, can enjoy the common terrace on the south-east side of the roof offering sweeping views of Manhattan, Jersey City and Hoboken. (View all Lofts for sale on Gold Coast below slideshow)

If you are looking for Northern NJ Lofts for sale, don’t miss out seeing Harborside Lofts.  Located in Northern Hoboken at Washington and 14th St., you can enjoy the proximity to the NY Waterway Ferry Service at the end of the block, Fine dining of all types, world reknown nightlife, and of course New York City.

If you are interested in setting up a showing appointment, please contact Scott, our Harborside Lofts expert for a one-on-one tour of any condos for sale in the building or a complimentary personalized consultation…  New Jersey Real Estate Guys would value an opportunity to earn your business.

Browse all Northern NJ Lofts for sale

Library Hall Lofts consist of floorplans with 9-16 foot ceilings, exposed brick, hardwood floors, and oversized 8 foot windows flooding your home with natural sunlight.  Cook in style with your custom kitchen featuring a quartz countertop, stainless steel appliances, custom cabinets with self-closing drawers and underneath lighting.  Enjoy panoramic NYC views from the common roofdeck. (View all lofts for sale on the NJ Gold Coast below slideshow)

View all available Lofts for sale in Library Hall Lofts

Located on Grand Street in the Journal Square section of Jersey City, NJ, Library Hall Lofts is conveniently located within just a block to the PATH station which gives you super convenience into Manhattan.  Another nice factor of Library Hall Lofts is the affordability of units.  Priced today at under $340 per square foot, you can have New York City style lofts for a fraction of the price.  New Jersey Real Estate Guys are your specialists for Jersey City condos for sale

Monthly HOA dues run about $300 on average and include all normal common charges and water.

If you are interested in booking a showing appointment for any available units in Library Hall Lofts, please contact us and we will be happy to work around your schedule.