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New York

Big price cuts in Jersey City

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Developer K. Hovnanian’s 77 Hudson condominium in Jersey City sold a pair of penthouses for a record $6 million in the summer of 2007, and now, with just 30 percent of the 414 units sold, prices are down about 20 percent. Prices at 77 Hudson now range from $300,000 to $1 million, down from last year’s price range of $500,000 to $3 million. At the Beacon development, two-bedrooms that once sold for $750,000 are now going for $550,000, and the building is also offering financing rates of 3.9 percent. At the Gull’s Cove development, developer Metro Homes is offering 30-year fixed-rate mortgages at 3.99 percent, and recently slashed prices on units by 5 to 20 percent.