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. This e-mail address is being protected from spambots. You need JavaScript enabled to view it

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

 

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. This e-mail address is being protected from spambots. You need JavaScript enabled to view it

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

The Wrenn Report: South Pointe condos on first street

The South Pointe condos are a brand new construction boutique community located at 662 First Street, Hoboken, NJ 07030. This building is an easy walk to the light rail and has a corner placement allowing for a greater number of windows and light within the homes. South Pointe is a rebuilt, rehabbed, and remodeled historic tire shop that was in operation for over 30 years.

The South Pointe condos are all 3 bedroom residences which include one parking spot with every purchase.

Homes sizes range from 1780–1795 Sq. Ft.

South Pointe condos include the following in each home…..

• Three full-size bedrooms
• Two full bathrooms
• High ceilings
• Laundry room
• Large living room/dining room
• Walk-in closets
• Large windows

South Pointe condos kitchens include…..

• Espresso finish, Shaker-style maple cabinetry
• Caesarstone® quartz countertops
• GE Café Series™ stainless steel appliances
• Stainless steel under-mounted sink with Kohler Forte® pullout spray faucet in polished chrome
• Recessed lighting

South Pointe condos Master Baths include…..

• Single vanity
• Mirabelle fixtures in polished chrome
• Glass-enclosed shower with glass mosaic tiles
• Limestone flooring in champagne
• Single-handle vessel faucets

South Pointe condos additional features…..

• Laundry room with full-size GE Profile™ Energy Star®washer and dryer
• Central heat and air
• Continuous hot water heater
• Elevator building
• One parking space included with every home
• Large Energy Star® rated bay windows
• Solid-core birch doors

The South Pointe condos start in price in the upper $600k range.

To view the floor plans please follow the link below… http://southpointehoboken.com/availability.php

For more and up to date information please call the sales office at 201.575.5658

Pros: Close to Light Rail, big windows, parking spot included, pricing, size for price

Cons: A little far, but walkable to the Path train

 

 

 

 

 

 

 

Written by

David Wrenn

Halliburton Homes

t. 201.420.7766

e. This e-mail address is being protected from spambots. You need JavaScript enabled to view it

w. www.crystalpointagent.com

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. This e-mail address is being protected from spambots. You need JavaScript enabled to view it

w. www.crystalpointagent.com