Hoboken Condo Market To See Some LIFT

An article posted in the NYTimes this weekend focused on New Jersey specifically Hoboken & Jersey City.

LAST month a few strong blips indicated a quickening pulse on the New Jersey condominium market. Or maybe just a pulse.
There were 15 sales in four weeks at one building in Jersey City, 6 at another, 5 at a Hoboken building where sales had been lagging — even a pre-marketing sale at a town house development in Livingston.

Portents of a spring revival? Or a mere mini-trend that will melt with the last of the snow?

“Ha! That’s the $64 million question, now isn’t it?” said Dean Geibel, the chief executive of Metro Homes, who described February as the best month in two years for his two buildings — Gulls Cove in Jersey City and Metro Stop in Hoboken.

“This is not an uptick in prices,” Mr. Geibel added. “But the increase in sales is still huge, because it has been so slow for so long. It raises the question, ‘Is there going to be a traditional spring market with a widespread uptick?’ ”

Angela Ferrara, a vice president for sales of the Marketing Directors, which handles sales at Crystal Point in Jersey City — the building with 15 signed contracts in February — said it was possible that the month’s sales represented an anomaly. “To us, however,” she said, “it looks like momentum is building up for March, April, May.”

In January, there had been just five sales at Crystal Point, a year-old 269-unit glass tower set 25 feet from the riverbank. “One a week; that’s less than we look to do,” Ms. Ferrara said, while emphasizing that the weather was especially bad in January. Continue on NYTimes

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