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The Wrenn Report: 70 Columbus and 90 Columbus, Downtown Jersey City


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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

The Wrenn Report: Home Loan rates will be going up soon

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 1st, 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

The Wrenn Report: Crystal Point Jersey City Wins the Big Prize at Las Vegas Builders Show

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

 

The Wrenn Report: Crystal Point Condos Dream Realized as First Residents Move In

 

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

 

Monaco Towers recent history

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.

WATERFRONT COMMERCIAL CONDO RELEASED FOR SALE

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

The Wrenn Report: The Saffron condos auction results, Jersey City

 

 

 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

The Wrenn Report: The Saffron

                                                   

                  

                       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 8th.

 

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

 

 

 

The official Crystal Point Blog - Update 2/6/2009

AREA BROKERS WINED & DINED DURING COCKTAIL RECEPTION

AT CRYSTAL POINT’S NEW SALES & MODEL CENTER

 

New 42-Story Jersey City Condominium Rising Along Hudson Riverfront

            JERSEY CITY, N.J. – Real estate brokers from throughout the region packed the new off-site sales and model center at Crystal Point to get an up-close look at what distinguishes the new 42-story luxury condominium building facing Manhattan on Jersey City’s Hudson River waterfront.

            The elegant and well-attended party hosted more than 100 brokers enjoying cocktails and culinary delights before taking tours of the impressive sales center which is located at 80 1st Street,  just steps from Crystal Point, and is highlighted by a fully-furnished, two-bedroom model residence merchandised by renowned New York City-based interior designer Kim Depole Design. 

            Attendees also had the chance to view interactive electronic displays and flat-panel TVs, all supported by model recreations of the signature residential building and extensive amenity space.  Several lucky raffle winners walked home with door prizes, including the newest fashionable gadget, Flip Camcorders.

            “We were thrilled with the turnout for the broker event,” notes Brian Fisher, a principal of Fisher Development Associates, developer of Crystal Point.  

            “More importantly, we were delighted with the overall reaction to both the sales center presentation and the magnificent model residence which vividly recreates the expansive and well-conceived layouts, designer finishes and appointments and upscale, technologically-advanced living offered at this exceptional new building.”

            Preview sales are going on now at Crystal Point.   The offering of one-, two-and three-bedroom homes has been quick to capture sales as historically low interest rates combined with competitive preview pricing have made the full-service building a popular choice for buyers looking to take advantage of market conditions and receive incredible value with their new home purchase.

            “Buyers understand the economy has presented them a unique opportunity and are identifying Crystal Point and its value-driven pricing as the ideal situation to maximize their investment,” Mr. Fisher concludes.  “They also appreciate the fact that the building is pre-approved by three different lending institutions which allow them to take advantage of amazingly low interest rates and offer the ability to lock in at any time between signing their contract and closing.”

            Crystal Point’s distinctive, crystalline-style glass exterior was designed to maximize the building’s waterfront 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, homes will range from 800 to 1,817 square-feet of well-designed living space complemented by a wide array of premium finishes.

            “Stylish features will grace these homes, including kitchens with Italian Pedini wood and glass cabinetry, quartzite counters, under-cabinet task lighting, full height pantries, islands with breakfast bars and a full Jenn-Air appliance suite,” Ms. Albert points out. 

            “Floor-to-ceiling windows will drench the homes in natural light and most of the residences will offer balconies, expanding the already sensational views.  Each residence will also have SMART home technology capabilities and washer and dryer.”

            Crystal Point is redefining the concept of upscale waterfront living.  Designed by noted architectural firm Gruzen Samton LLP, the building 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.

            The dramatic elegance and sophistication of Crystal Point is further enhanced by its superb amenities where no detail has been left out to create a resort-like living experience for residents. 

            Ideal for maintaining a healthy body and mind, the Crystal Spa will feature a thermal bath, sauna, and steam and treatment rooms.  Residents will also enjoy a yoga/aerobics room, game room with billiard and poker tables, state-of-the-art fitness center, lounge with catering kitchen and flat screen televisions, children’s play room and a screening room within the Crystal Club.

            “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,” Ms. Albert points out.  “The full-service building will also offer a professional concierge, and valet parking, while a lobby level restaurant will serve residents and the community at large.  In addition, there will be access to the new Marina currently being planned by Jersey City and all the riverfront enjoyment and recreation it contains.”

            Crystal Point homeowners will also appreciate the community’s convenient location just steps from two PATH trains with direct access into New York City and a Light Rail station which provides a quick trip to other “Gold Coast” locales and ferries that also whisk commuters into Manhattan.  In fact, the building is ideally situated between the Paulus Hook and Newport sections of Jersey City, allowing residents to utilize the PATH trains and ferries at both Exchange Place and Newport. 

            Downtown Jersey City is also bustling with shopping and entertainment venues, while the tree-lined Paulus Hook neighborhood is known for its numerous restaurants, pubs, cafes, bakeries, and other conveniences. 

            For additional information on Crystal Point or to join the Preview Opening, 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

 

 

 

The official Crystal Point Blog - Update 1/18/09

Hello,

 

We are happy to announce that we are having a broker exclusive and elegant gathering on January 27th from the hours of 5pm to 7pm.

 

Please come join us to celebrate Crystal Point, Jersey City’s spectacular new luxury waterfront community.  Enjoy drinks and hors d’oeurves while taking in our fantastic sales office and model home.

Please RSVP by January 24th by calling 201.433.7778

 

The party will be held at the Crystal Point Condos sales office located at

80 First Street

Jersey City, NJ 07302

 

See you there!


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