Locally Located

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

David Wrenn — Wed, 17 Feb 2010 16:11:24 +0000

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

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

David Wrenn — Fri, 12 Feb 2010 16:32:35 +0000

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

The Wrenn Report: Exchange Place - Jersey City, NJ

admin — Thu, 04 Feb 2010 14:58:38 +0000

Often fondly referred to as “Wall Street West” because of the many financial corporations occupying office space in the area, the Exchange Place neighborhood of Jersey City is comprised of a wonderful mix of both commercial and residential high rise buildings located on the water’s edge.

Starting as a transportation hub in the early 1800’s, Exchange Place continues that legacy today as a one of the main New Jersey PATH station stops, responsible for accommodating tens of thousands of people - both residents and commuters - that frequent the terminal each day.

Exchange Place offers great accessibility and unsurpassed convenience to all of its residents. In addition to being surrounded by a host of superb restaurants and cafes, many people choose to call Exchange Place home as many major Jersey City corporations are within the same vicinity as residential buildings, making the work commute virtually effortless. This is also one the reasons that many former New Yorkers are now living in the neighborhood.

With direct access to Christopher Columbus Drive and Grand Street, traveling in and out of Exchange Place and Jersey City is very easy. Exchange Place is perfect for families as excellent schools are close by, as is the area’s hotel – a gorgeous Hyatt Regency, and the Jersey City Medical Center. A small, but notable nightlife scene attracts many young couples and individuals; also noting that Manhattan is just a few minutes away on the train.

Most of the Jersey City real estate in Exchange Place is comprised of highrise condos and apartment homes. However, the range of home styles and services vary greatly, from simple buildings housing elegant units to towers featuring handsomely-outfitted lobbies and deluxe condominiums. People looking for a wide assortment of Jersey City apartments or condos will be satisfied with the variety that Exchange Place has to offer. Plus, with one of the key PATH train stations so close by, Exchange Place is one Jersey City neighborhood a prospective resident cannot afford to pass by looking at.

David Wrenn

Halliburton Homes

t. 201.420.7766

Market Your Real Estate For Free

admin — Wed, 06 Jan 2010 17:56:10 +0000

Contact FORIMMEDIATE RELEASE info@locallylocated.com January 6th, 2010

REAL ESTATE PROFFESIONALS CAN INCREASE VISIBILTY WITH LAUNCH OF INNOVATIVE, NEW REAL ESTATE MARKETPLACE

LocallyLocated.com will be launching its real estate marketing website - the first of its kind - with the New Year. This web based real estate marketplace and resource is focused on drawing attention from agents, sellers, and buyers from a wide spectrum in Jersey City, Hoboken and Hudson county. These real estate agents, developers and marketing professionals will find high level visibility for their businesses and properties in a cost effective manner through LocallyLocated.com.
Furnishing an essential need in the real estate marketplace, LocallyLocated.com brings together the most important and highly sought-after elements that real estate minded individuals look for in a website. Rooted in fundamentals like easy navigation and a simple listing process, LocallyLocated.com has an arsenal of web savvy tools that ultimately leads to increased exposure for real estate agents and their property listings.
LocallyLocated employs rich technology to both optimize its website and subsequent listings, as well as offering its users a simple and cost efficient interface, with a Pay-Per-Click system. However with the launch of LocallyLocated all property listings will be free of charge for unlimited clicks for a limited time.
LocallyLocated packs a wealth of real estate information into their website. The sections, categories and components of the website were created and designed with the real estate agent in mind. Real estate professionals looking for an industry-focused platform to post blog articles, market properties within topic-focused forums, share insight, and read current news will find that LocallyLocated.com meets and exceeds all real estate needs. Of course, the site’s main focus remains committed in providing agents with a space to list and promote properties. Additionally, agents can be found in LocallyLocated’s real estate professional database at no additional cost, a place that many buyers and sellers will undoubtedly peruse whilst doing research.
Having a profile and listing properties on LocallyLocated.com is an opportunity that real estate agents will certainly want to explore. Besides the wealth of readily-available industry knowledge, agents are jumping on board to gain the competitive advantage in market share and branding recognition to help aid in enlarging their business network.
Undeniably, real estate professionals will want to utilize the numerous avenues offered by this marketing machine to collect maximum exposure and visibility. This can be achieved now by listing properties with and participating in the LocallyLocated.com community. Visit LocallyLocated.com today to take advantage of this great tool and increase your competitive barrier to entry. There is plenty of space for everyone on LocallyLocated.com, but it is always satisfying to be the first in line to lead and benefit from a truly innovative and unique piece of information. In this case, that information is LocallyLocated.com.

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Contact LocallyLocated.com by email at info@locallylocated.com.
Visit www.locallylocated.com for up to the minute Jersey City and Hoboken real estate information.

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

David Wrenn — Wed, 30 Dec 2009 21:00:10 +0000

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

Monaco Towers recent history

admin — Wed, 09 Dec 2009 16:38:03 +0000

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.

The Official Crystal Point Blog - Pictures from the building

admin — Wed, 09 Dec 2009 16:37:11 +0000

WATERFRONT COMMERCIAL CONDO RELEASED FOR SALE

Crystal Point — Wed, 09 Dec 2009 16:31:27 +0000

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

David Wrenn — Thu, 12 Nov 2009 21:03:58 +0000

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