Condo clearance in Jersey City

Auctions become more widespread, and now even kick off sales at new projects

New York /
Nov.November 17, 2009 07:07 PM

From the November issue: After the binge comes the purge. The condo auction market is heating up in Jersey City, as developers look to move the glut of apartment inventory amassed during the heady building boom in recent years. Distressed sales of properties are also expected to accelerate in the area, with lenders increasingly looking to wipe their hands clean of troubled mortgage loans. The urge to purge is the fallout from a frenzied period of condo construction in Jersey City — a stone’s throw from Wall Street — where about 5,000 new units came on the market at premium prices, sources estimate. Condo prices in Jersey City, which saw a steep run-up during the boom, have dropped between 15 and 25 percent since the height of the market in 2006, experts estimate. Meanwhile, the number of condos closing today in Jersey City is down about 45 percent compared to the peak of early 2007, according to the Marketing Directors, which sells new developments in markets across the country, including Jersey City.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Photos courtesy of HAP Investments
HAP Investments unveils new plans for Journal Square high-rise
HAP Investments unveils new plans for Journal Square high-rise
(iStock)
Want a home in Greenwich? Data says you’d better hurry
Want a home in Greenwich? Data says you’d better hurry
After years of lagging sales, Westchester County saw the highest number of completed home sales since 1996. (Getty)
Westchester home sales hit historic high in 2020
Westchester home sales hit historic high in 2020
Matthew Whitman Lazenby, Grant Cardone, Phil Collins, Orianne Bates, Russell Galbut, Natalie Brabner, Craig Studnicky and Masoud Shojaee (Lazenby by Sonya Revell; Getty, iStock)
South Florida’s juiciest real estate lawsuits of 2020
South Florida’s juiciest real estate lawsuits of 2020
Scott Durkin, president and COO of Douglas Elliman; Bess Freedman, CEO of Brown Harris Stevens
The Covid churn: Inside resi brokerages’ recruiting games
The Covid churn: Inside resi brokerages’ recruiting games
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...