Rare new construction in Jersey starts to sell

From left: 1450 Washington and Liberty HarborDevelopers that were able to weather the financial storm and secure financing for condominium projects in New Jersey are starting to see a payoff, the New York Times reported.

Buyers in condo strongholds, such as Hoboken, have returned to a market place that has experienced little new construction. So new developments, especially those that are priced for value, are being absorbed quickly.

For example, the Toll Brothers’ latest project, the 156-unit 1450 Washington, has signed contracts for 45 units and deposits for eight more, even though construction isn’t complete and the sales office doesn’t open until next week. Prices in the building start at $300,000 for studios and go to the mid-$900,000s for 1,500-square-foot, three-bedroom apartments. Though the units aren’t large, the developers are playing to the price-conscious market.

“The economy has shifted — obviously,” said Benjamin Jogodnik, a senior vice president of Toll Brothers City Living. “We studied the market very carefully before designing a product that would appeal to the group in the widest section of the pyramid of today’s buyers.”

In Jersey City, a new building in the Peter Mocco-developed Liberty Harbor community has taken a similar approach. It has sold 47 units since July by offering smaller units priced below $400,000. [NYT]