It’s been speculated for the past few years that the Jersey City real estate scene would be seeing on a city wide scale its Revaluation. Well the time has come.  Mayor Healy in all his wisdom has notified the Hudson County Board of Taxation that the City of Jersey City intends to begin the 18 month process of conducting a property revaluation, a decision the Board intends to support.

Let’s take a look at exactly what the Jersey City real estate property revaluation is…..

“What Is A Revaluation?

A revaluation, is when a municipality appraises all real property within the municipality, according to its full and fair value. Full and fair value simply means current real estate market prices, or what that particular piece of property, in that condition, in that specific neighborhood, would currently sell for between a willing seller and a willing buyer.

A revaluation will appraise each property based on its current market value and, as a result, each property’s taxes will be based on that current market value. Cities undertake property revaluations periodically to update housing valuations for the purpose of attaining uniformity in assessments.” 

This will serve as the first revaluation, also known as a city wide “property assessment” done on such a scale since 1988. 

This has obviously been a long time coming, but given the economic conditions of many of the city’s residents, many may question the timing.  Obviously with the recent tax increases and lay-offs of city employee’s the city is strapped which points to wanting to raise revenue derived from Jersey City real estate property taxes or as the city calls it, “The purpose of this revaluation is to ensure a fair and equitable redistribution of the City’s tax levy so all property owners are shouldering their fair share of the City’s tax burden.”  The City of Jersey City website also states “Now is the best time to do a property reevaluation because property values are at their lowest.” 

“Over the last 22 years, Jersey City has undergone a tremendous growth in both residential and commercial properties.  During the 2000s, like most of the country, we saw real estate prices escalating far beyond their reasonable worth.  Since the near collapse of the global economic financial system in October of 2008, we’ve seen Jersey City inundated with a substantial number of underwater mortgages and short sales.” 

I don’t know about you, but last time I checked, the last Reval was done in’88?  It sounds like someone is trying to calm the upcoming storm.

Much has changed since the last revaluation, property values are significantly higher, infrastructure has been approved along with the public transportation systems which will all be taken into account when the Jersey City Revaluation is conducted.

This is how the City of Jersey City see’s the revaluation in terms of assessing properties…

“During those 22 years many changes in the real estate market have taken place—new housing and commercial properties have been constructed while older, dilapidated structures have been torn down, rehabilitated or replaced. Prices have fluctuated. Houses which appear exactly the same from the street may be drastically different inside due to renovation, repairs, deterioration or lack of maintenance, the addition or removal of a rental unit, or a change of property class from residential to commercial.

 When you compare the current true market value to the assessed market value (set in 1988) of many properties across the city, you can see that they are dramatically skewed and out of line with the average assessed market value of city properties as a whole.

This means that instead of each property paying its fair share of city taxes based on its assessed value (which should be an accurate reflection of each property’s value in today’s real estate market), many properties are under assessed and are therefore under paying property taxes.”

When Revaluations are conducted most expect their property taxes to increase, however this is not always the case.  The City is stating that often“1/3 of the municipal properties will see their share of the tax burden go down, 1/3 will see their share of the tax burden go up, and 1/3 of assessed municipal properties will see no change at all”.

I know I am not alone in the thinking that this is going to be hard to believe this go around.  Especially in the Downtown Jersey City area, which in 1988 was a different world.

For more details and discussion on how the Jersey City Property Revaluation will affect you please visit  LocallyLocated.com and their forums

All quotes were taken from the City of Jersey City website

Comments(5)

Located: 225 Grand street, A ‘Grand’ Addition to Jersey City Real Estate

For those in the market for Jersey City rentals, 2010 will usher in several new rental developments to the Jersey City real estate market. And as always, LocallyLocated.com will keep you abreast of exiting new developments in Jersey City and Hoboken, including 225 Grand Street, the newest residential community debuting soon.

This Spring will mark the completion of 225 Grand Street, one of the most highly anticipated  new Jersey City rentals. Developed by Ironstate Development Company and SK Properties, this 15-story super premium rental building will likely be one of the more sought after properties among Jersey City’s new real estate offerings.

225 Grand Street is ideal for renters who love Jersey City rentals with lots of amenities. Located close to the waterfront and adjacent to Marin Boulevard Light Rail Station, this beautiful residential tower will feature a 350-space parking garage, outdoor swimming pool, health club, kids’ area and a 24-hour doorman and professional concierge. These perks, along with some homes having views of the Manhattan skyline and the Statue of Liberty, distinguish the property and bring the added value of retail to the “Liberty Harbor” neighborhood. 

In addition to its amenities, 225 Grand Street makes a ‘grand’ impression with its presence in the always developing Liberty Harbor North redevelopment zone. For those who appreciate a sense of history, the building is designed by HLW, the architectural and design firm credited with designing the New York Times Building, one of the city’s first skyscrapers. HLW is known for aesthetics and innovation, and their award-winning work truly impresses. This Jersey City rental community will be another fine addition to the HLW architects lineage of designs.

225 Grand Street will feature 35 studios, 246 one-bedrooms and 67 two-bedrooms, for a total of 348 rental units.  The building will also include retail shops, providing convenient shopping options for residents, and adding to the area’s need of diverse shopping, dining and entertainment options. Jersey City rentals that offer this level of convenience in an upscale, city living experience are always in demand, but this market is different than most.  Pricing and promotions will be key to the success of this building. So if 225 Grand Street sounds like the ideal New Jersey rental for you, you’ll want to check back often for news on the grand opening of Jersey City’s newest rental property property.

Looking for properties in Jersey City and Hoboken? Want the inside scoop on the latest in Jersey City real estate? Visit LocallyLocated.com daily for news, updates and property listings.

Comments(2)

When it comes to Jersey City real estate and especially as of late Jersey City rentals the development world is always on the move.  In addition to the already built and occupied 50 Columbus a mixed use Jersey City rental community, 70 Columbus and 90 Columbus are two 48 story mixed use high-rise towers slated to complete the “Columbus triumvirate”.  As it’s slated now these 2 sleek towers will feature 942 residential homes as well as a 144 room hotel and 12,000 square feet of ground floor retail space.  70 Columbus and 90 Columbus will also add 320 parking spaces to the Jersey City parking scene.  These two future high – rises are adjacent to and located just North/North East of the Grove Street Path train entrance.  They will also be located west of 50 Columbus, 70 Columbus and 90 Columbus’s 36 story, 400 rental home neighbor built by the same developers.

This project is to be completed with a partnership of Ironstate Development and Panepinto Properties. Both parties are experienced Jersey City condo, rental, and commercial property developers.

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

Comments(1)

The massive program that is focused on purchasing of Mortgage backed securities is coming to a close.  What does this mean, well unfortunately it means that home loan rates are likely to be on the rise in the short term.

The program is set to end by March 1^st, but the amount of securities already being purchased has dwindled significantly already.  What’s left of the FED’s funds appear to be rationed.

Last week the Fed purchased Mortgage Backed Securities totaling $11 billion, leaving the remaining funds of $66 billion out of the original $1.25 trillion set aside for the program.  That means 95% of the original allotment has already been spent which represents around 3 out of every 4 loans from last year.

The fear is now with such a massive buyer leaving the market that the costs associated with home loans are going rise.

The Fed’s ability to buy these securities and keep rates low is now coming to an end. Those who are in a position and who are currently looking to purchase a home now should not wait unless of course, they don’t mind paying more in the future than they are now for a loan on a new home.

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

Comments(1)

Besides being applauded at home for its innovative design and ability to capture the attention of new home buyers, Crystal Point Condos in Jersey City came away with the esteemed ‘Community of the Year’ award from the National Association of Home Builders Show in Las Vegas this January.

The award marks an iconic event for the Jersey City property, solidifying its place amongst the elite projects in US residential development. Even more impressive was Crystal Point’s ability to edge out the competition, many of which were buildings in Canada and communities with much lower per-square-foot costs. Higher construction costs and land prices are usually seen as a disadvantage in ruling a winner for the prestigious award. However, Crystal Point, which is located in the pricey Jersey City, NJ market, overcame the obstacles to come out on top.

In addition to winning the coveted ‘Community of the Year’ prize, Crystal Point condos was also honored as ‘Best Sales Center’ for the team’s successful work at filling the condos with residents at unprecedented levels, despite the surrounding  economic challenges. The units at Crystal Point Jersey City start at around $500,000, so the deservedly-recognized sales team had their work cut for them at the inception of sales.

Crystal Point was also presented with nine silver awards from the National Sales & Marketing Council in December 2009, including Sales Person of the Year, Sales Team of the Year, and Best Sales Center. The January awards in Las Vegas finalized the community’s awards season, and now the concentration will be shifted towards the building’s new home owners and ensuring that they receive the best possible customer service.

Crystal Point’s new residents have started the move-in process and are seemingly enjoying the beauty, luxury, and unparalleled ambiance that the 42-story glass tower has to offer. With the remainder of the amenities and social rooms beginning to open, Crystal Point Condos are poised to make an indelible impact on the residential community of Jersey City as well as all other buildings resting along the magnificent Hudson River.

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

Comments(2)

Starting in January 2010, the first residents of the luxurious condominium building, Crystal Point will begin to move into their new homes. Boasting an optimal location overlooking the Hudson River in downtown Jersey City, Crystal Point has earned an unbelievable amount of attention, and bragging rights, as units are being occupied at levels other similar condo buildings have not been able to achieve.

Being the first building of its kind in the area, Crystal Point has been able to accomplish goals on many levels. The structure’s distinctive design and ultra-stylish units separate it from the competition, making Crystal Point one of the most sought-after residential addresses in Jersey City.

When the Crystal Point Jersey City development began, it was clear that towards the end of the project that the circumstances surrounding the housing market had changed dramatically. However, the building’s unique architectural plan, upscale and smartly-appointed units, along with its technologically-advanced communications system was too good to pass up for transplanted Manhattanites and Jersey City residents. It was one of the few buildings in the area that continued to enjoy healthy sales during the slump.

In addition to record-breaking sales, the Crystal Point Condo building accepted an outstanding nine silver awards from the National Sales and Marketing Council (NSMC), deeming the building a finalist in the National Association of Home Builders’ popular annual show this January in Las Vegas. Among the awards, Crystal Point was recognized as a finalist of Building of the Year and also Best Sales Center.

Crystal Point’s accomplishments, coupled with the upcoming occasion of welcoming its first residents, have allowed the building’s developers to realize the project’s dream: to create a truly exceptional and exclusive residential building in Jersey City, with an unrivaled location and immaculate design, functionality and esteemed reputation.

Written by

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

Comments(2)

The Monaco Towers was initially a 3 building community. Now the plans and construction are in place for 2 of the towers (Monaco Towers) the third (the San Remo) was planned for the South side of the Double Tree, has not begun construction yet as it was not included in the most recent abatement request by the developer. The jury is still out on exactly what the future holds for the San Remo.

The Monaco Towers was initially approved for construction as a condo community, but was later switched to a rental community due to various factors. The developer (a joint venture between the Jersey City based Garden State Developers and Roseland Property) went to the city to apply for a more aggressive/lucrative tax abatement. The city agreed and granted the Monaco Towers the new abatement, but in order for the special abatement to be utilized construction had to begin this year.

Comments(1)

WATERFRONT COMMERCIAL CONDO RELEASEd FOR SALE

AT CRYSTAL POINT IN DOWNTOWN jERSEY cITY

Riverfront Space Approved For Restaurant With Seating For 150 Indoors and 82 Outdoors

JERSEY CITY – A 5,500 square-foot ground floor commercial condominium has been released for sale at Crystal Point, the premier residential condominium tower located a mere 25 feet from the Hudson River waterfront in the heart of downtown Jersey City, NJ.

The prime riverfront space in the 42-story building located at 2 Second Street is fully-approved for a restaurant with seating for 150 inside and 82 outside, according to Fisher Development Associates, Crystal Point’s developer. The commercial condominium offers 225 linear feet of glass frontage overlooking Jersey City’s waterfront walkway with direct views of the ever changing Hudson River and New York City skyline. Parking will be available via the building’s on-site valet garage.

The unfinished shell space offers 13’-2” from slab to slab, floor to ceiling glass, and uninterrupted panoramic views.

“This premier location offers a restaurateur a number of significant advantages, including a dramatic riverfront setting facing Manhattan, a vibrant waterfront walkway brimming with pedestrian activity, and close proximity to the Hudson Bergen Light Rail and several PATH stations and ferry terminals which will facilitate patrons on both sides of the river,” notes Brian Fisher, a principal of Fisher Development Associates.

“In addition, it’s situated in a densely-populated urban area teeming with upscale residential buildings, a strong commercial hub and several hotels. Of course, our own building offers a built-in customer base with 269 luxury condominiums.”

For more information on Crystal Point’s commercial space, please call Fisher Development Associates at (914) 696-1200.

Sales will officially open this March for Crystal Point’s condominium homes which are complemented by an unparalleled offering of resort-style services and amenities and a location on the final piece of developable waterfront land in Jersey City facing Manhattan.

Designed by noted architectural firm Gruzen Samton LLP, Crystal Point boasts sweeping views of the ever changing skyline stretching from lower Manhattan to the George Washington Bridge. Each home will have water views — a rare advantage experienced only at Crystal Point.

Crystal Point’s distinctive, crystalline-style glass exterior was designed to maximize the building’s riverfront setting and reflect its exclusivity and diversity, notes Adrienne Albert, CEO of The Marketing Directors, Inc., Crystal Point’s marketing and exclusive sales agent. Inside, one-, two- and three-bedroom homes will range from 800 to 1,817 square-feet of well-designed living space complemented by a wide array of premium finishes.

Crystal Point’s superb amenities include the Crystal Spa which will feature a thermal bath, sauna, steam and treatment room. Residents will also enjoy a yoga/aerobics room, game room with billiard and poker table, state-of-the-art fitness center, lounge with catering kitchen and flat screen televisions, kid’s room and a screening room within the Crystal Club. There will also be an expansive outdoor deck overlooking the Hudson River and Manhattan skyline will feature a lap pool, hot tub, private cabanas and lounge chair seating, as well as a BBQ and dining area, fire pits with accompanying seating, and a children’s play area, a professional concierge, and valet parking.

For additional information on the condominium homes at Crystal Point, please call 201-433-7778 or visit www.crystalpointcondos.com.

Media Contact: George M. Cahn: gcahn@cahncomm.com

Robert Kelly: rkelly@cahncomm.com

CAHN Communications

(201) 876-3100

Comments(0)

 The Saffron Condos, a downtown Jersey City condo community had it’s final preview this past Sat before it’s big pre – sale auction.  These pre – sale auctions are becoming more and more popular with developers as the challenges of the real estate market build and the developers pockets shrink.

I attended the last Saffron “preview” date this past Saturday before the condo auction.  The venue was bustling the entire time I was there.  The people attending were focused and dare I say very excited about the prospect of stealing a shiny brand new condo at below market value.

The auction commenced the following  Sunday the 8th and was very successful.  There were a total of 9 out of the Saffron’s 76  homes put up on the auction block.  Of the 9 condos, there were 4 one bedroom homes and 5 two bedrooms homes.  James Caulfield a partner with Fields development said these 9 homes sold out swiftly, in fact they were sold so successfully that another 6 homes were released for sale.

The highest bid on the Saffron’s one bedroom condos was $322,000 which is close to a $25,000 savings. The highest bid for the two bedroom condos was $440,000 which is close to $59,000 in savings.  The savings are estimates based on where the comparable  pricing of  the homes will be released next month.  The last 6 homes that were released were made available to so called “step-up” buyers which means they were willing to pay the maximum bid that previously won a home style.

This was a very successful business model that will continue to be replicated and expanded upon in my opinion.  The old way of selling pre – construction homes is changing and the most successful developer will be the one that changes with them.  The money lost from selling homes at below market value is far out weighed when taking in to consideration the long term financial implications of no sales or poor sales.

There will be more to follow with pictures from my latest visit  of some of the Saffron condos models interiors and common spaces.

Stay tuned for more on the Saffron condos…..

Written by

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

Comments(0)

                       The Wrenn Report:  The Saffron

The Saffron is located at 217 Newark Ave, Jersey City.  The Saffron is a 76 home brand new construction community launching for sale soon in the heart of downtown Jersey City. 

You may ask….ok so it’s yet another condo building up for sale in Jersey City, right?   I would  respond by answering what makes the Saffron’s sales launch so unique is the fact that they are beginning sales with an auction.  Not only is it an auction but a 9 home auction where 9 homes must be sold regardless of price.  Suggested opening bids for the Saffron condos to begin at $175,000 for a one bedroom condo and two bedroom condos are suggested to begin at $250,000.

This is obviously very exciting for anyone shopping in downtown Jersey City for a one or two bedroom condo.  Maintenance fees are reported to be quite low and  the 5 year tax abatement doesn’t hurt either even though it’s on the short side.

The Saffron Community and Home features:

·         Stainless steel appliances

·         Bamboo hardwood floors

·         10’ foot high ceilings

·         Private balconies

·         Fitness center

·         Roof top lounge and sun deck

·         Underground parking

From the information I was given it reads there are washer and dryer hook ups, but I am unsure if the washer & dryer are actually included.

The auction for the Saffron condos is set for November 8^th.

For more information on the auction please visit http://www.sheldongood.com/saffron.php#img

Written by

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

Comments(0)