March 15, 2013 at 8:10 PM
While the Garden State is still awaiting the arrival of spring, the real estate market has other plans. According to Coldwell Banker New Homes Vice President David Schoner, new home sales have heated up and there are no signs of it slowing down.
“We are seeing new home collections selling out quicker than they did some ten years ago,” explains Schoner. “The timing is perfect – there are excellent mortgage opportunities, a rise in existing home sales, and a nice selection of new homes. However, prospective home buyers should be careful not to wait too long to make the move. The pent up demand far outweighs the supply at this point.”
He continues, “For example, Stonefields in New Providence, a collection of three-bedroom, three-bath townhomes, sold out before we could even finalize the announcement. Its exceptional craftsmanship coupled with an unsurpassed suburban location close to downtown shopping, recreation, highly rated schools, and bus and trains to NYC created the perfect home buying storm.”
Schoner further explains this demand for luxury condominiums and townhomes in suburban areas with convenient access to NYC like Stonefields are some of the hottest markets right now. “What makes these properties even more unique is the fact that they are not along the Gold Coast, but rather in established areas in the north and north western sections of the state. They offer a ‘little city’ environment that is convenient to everyday needs and easy commutes to urban areas. One collection that just sold out is 50 Parmley at Summit Place, 25 award winning luxury condominium residences by Mark Built Homes in the heart of downtown Summit. Half of these luxury condos sold within only seven days of opening for sale and the pace just never slowed down,” explained Schoner. “We just introduced 14 Euclid at Summit Place, another collection of luxury condominiums and already only three of the 11 residences remain for sale. The Townhomes at Summit Place are also 50 percent sold. The fine craftsmanship, select interior design packages to suit the buyer’s unique lifestyles, and its downtown location proved to be an ideal combination with prices reaching well over $1 million.”
Schoner points out that 200 Sherman, a multi-level, two plus bedroom townhome collection in Berkeley Heights, just opened a few months ago and already only one of the eight units remains.
“Glen Rock Square by Gerard Petri and Joseph Panico of Future Planning Developers, LLC in Glen Rock, too, is seeing steady sales with three of its luxury two-bedroom townhomes selling within a month of Grand Opening,” notes Schoner.
Buyers, who desire the urban lifestyle, can still find exceptional deals on new condominiums in and around Hudson County, but the supply is quickly dwindling. “The Montrachet, a chic collection of luxury condo residences in a southern style building in Bayonne’s historic downtown, just sold out, and Victory Lofts, elegant loft-style condos in an historic building also in Bayonne, has only two units left,” notes Schoner. “
Coldwell Banker Residential Brokerage in New Jersey and Rockland County, New York, a leading residential real estate brokerage company, operates 58 offices with more than 3,000 sales associates serving all communities from Rockland County, N.Y. to Monmouth County, New Jersey. Coldwell Banker Residential Brokerage in New Jersey and Rockland County, N.Y. is part of NRT LLC, the nation’s largest residential real estate brokerage company. Visit www.coldwellbankermoves.com for more information.