Hello, I am planning on buying a 1BR/1BA at Gulls Cove. Can someone let me know what average sale prices are for an 1BR? Will 325K be too much or too?

Asked by M.T, New York, NY Tue Jul 13, 2010

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Linden Moe’s answer
Linden Moe, Agent, Jersey City, NJ
Wed Jul 14, 2010
Hey M.T,

I'm going to buck poular opinion here, :-)

You are the one with the correct answer,"most of the units 1 beds facing south will be losing thier views'

My two cents, (maybe worth just that) is that $325k is a good price (make them throw in parking)for
1 bed 1 bath
a new construction home less than 5 years old
over 700 sq ft.
waterfront building
close proximity to exchange place and grove st path
by decent quality builder

I'm seeing that kind of prices for 1 bedrooms in older units with no views.It looks like a comparable building grovepoint (no views, no parking)is starting at about $390's asking. Older buildings like mandalay and portofino and james monroe dont have many units under 325k,( true 1 bedrooms over 700 sq ft.)

Heck even with the short sales in the A building , its tough to get a true 1 bedroom over 700 sq ft condo without views for $325k, so its apples to apples. At least not yet,.......

There are lots of good realtors on here are offering a cma or comps, take them up on that offer, thats
valuable insight.

ask for comps apples to apples..

buildings only 5-10
over 700 sq ft
doorman/elevator buildings
WITHOUT VIEWS
true 1 bed, 1 bath
with or without parking.
downtown jersey city
last 90 days or so, or a worst 6 months

none of us has a crystal ball,. However for your 5 year plan,.. $325k is a safe bet .

Will you make a killing in resale?
doubtful.

But its a safer bet than speculating that in 5 years you will be able to get a waterfront building condo indowntown jc( less than 15 years old.) for a better price than today.

Price is a function of supply and demand. In 5 years there will probably be less supply.

Hope that was helpful, even if a little, long winded. ;-)

Happy Home hunting,

P.S I'm betting Downtown will recover, especially after the current glut of units are taken. Its a lil secret they are running out of Downtown Jersey City Waterfront Available buildable lots. ;-)

Linden Moe
Citizens Premier Real Estate
31 Montogomery St 4th Floor Suite
jersey city nj 07302
1 vote
Funny reading this now, about 6 years later, with prices close to double this amount for a 1br in this building :)
Flag Thu Dec 29, 2016
M.T, , New York, NY
Wed Jul 14, 2010
Thanks for the answers. I've decided to move forward with the deal and its in attorney review now.. fingers crossed!!

Linden, I do agree with you the most.. there are not alot of resale at gulls cove b/c not alot of ppl are moving. I had my agent pull more #s and alot of them are sales through developer b/c like you've mentioned its only been a couple years old. 4 units sold in the past 6 months, 2 on the south side and 2 on the north side - so it seems that view isn't that big of a deal there. I had my agent also pull the #s from the same line and all of them paid high 300s to low 400s.

A studio there closed at 314K so if I can get a 1BR for just a few K more, it seems like a good value. I'm told that 320K is the lowest that ever sold in that building (so i hope i'm not bringing down the value of the place!!)

Even if I don't resale, there is great potential from renting the place.
0 votes
Eric J. Dilo…, Agent, Hoboken, NJ
Tue Jul 13, 2010
Thanks for the additional info, M.T. The short answer to your question is that $325K for unit 1105 is fair currently. Every seller is different, however, so it's hard to say what they will actually accept price-wise. What's your buyer-s agent telling you?

As far as re-sale 5 years from now, the outlook is good with just a simple CPI appreciation of 2-3% a year. However, bear in mind that there's not much you can do to significantly improve the property, and that the north facing units at GC are the least desirable (hence the low price). The people that bought before the rental bldg. went up on the N side paid a lot more and then lost their view, but that shouldn't happen to you. Consider that your sales costs (if/when you sell) are going to be around 7-8% of your sales price, so take that into account for re-sale purposes. I'm recommending to my buyers to prepare for a 6 year minimum in the DT JC area if they want to make a profit. It could be sooner, but only if we have significant (and unexpected) market upticks in the next few years above the CPI.

If you'd like to discuss more, please reach out to me and I'll be happy to help.
Nevertheless, good luck.

Best,

Eric J. Diloné
Licensed Real Estate Agent
HALLIBURTON HOMES : Redefining Great Service!
Direct: 646.387.8012
Office: 201.792.4300
eric@halliburtonhomes.com
http://www.trulia.com/profile/ericjdilone/
0 votes
Christopher…, Agent, Jersey City, NJ
Tue Jul 13, 2010
MT,

Those north facing units are very difficut for re-sale right now, and I dont immagine it getting any better in the future.

My honest advice would be to look elswhere. There is so much inventory currently on the market. You can do better. There are places with much more appreciation potential out there.

Let me know if you need any assistance...

Best,

Chris Amberg
Weichert Realtors
Exchange Place Office
251 Washington Street
Jersey City, NJ 07302
Cell: 917-428-8317
Email: camberg@weichert.com
http://www.6thBoroughRealEstate.com
0 votes
M.T, , New York, NY
Tue Jul 13, 2010
Thanks for your responses!! They're definitely very helpful.

Its on the 11th fl., 744 sq. ft. Its in great condition. It is north facing, and therefore does not have the courtyard view and looks out to the wall of another building (you can see out to the fields if you look to your right). I heard tho there are more buildings going up and the views that some units have are just temporary.

That said, someone had mention that it will be a hard re-sale b/c I don't have a direct view, I plan on living in this unit for about 5 yrs and therefore re-sale or potential rental is extremely important to me.

Let me know if that provides more info.
0 votes
Ron Simone Jr, Agent, Clark, NJ
Tue Jul 13, 2010
M.T.

Your not givin enough information just a 1 Bd and 1 Ba is hard to judge. $325,000 seems extremely low all together in Gulls Cove, but it depends on a few things sq ft, location in the building, which direction it is facing and condition. I don't know who is offering this to you or where you are getting you information from but I suggest you talk to one of the professionals on here that answered your question and "Comps" don't lie. Let them do the research for you and you will get a ball park of sale prices in Gulls Cove.

Ron SImone Jr.
All Towne Realty
Realtor/Associate
732-978-0991 Cell
732-453-2930 Private
RSJ58@aol.com
NJAR Circle of Excellence: Bronze Producer 2005 Silver Producer 2006-2009



Top 1% in sales of over 16,000 Union,Hudson,Bergen,Essex & Middlesex County agents in 2006 & 2009

"A referral of your friends & family is the finest compliment I could ever receive"
0 votes
Albert M. St…, Agent, Hoboken, NJ
Tue Jul 13, 2010
Hi,
Out of 62 one bedroom condos that have closed in the MLS since January 1, 2010 in downtown Jersey City,
only one sale was in Gulls Cove. That unit sold for $ 425,000 with parking...if you deduct the value of the deeded parking space ($30,000+) that would mean the condo was selling at a little over $500/SF.....the fact that only one has sold.....shows that the listings in Gulls Cove are generally "over listed"...if you have the
possibility of buying one for $325,000..be very careful that it isn't on the north side of the building facing a
wall of rental units......these are particularly difficult to "re-sell," at any price.

All my best,

Albert M. Stinchcomb
Liberty Realty, LLC
43 Montgomery Street
Jersey City, N.J. 07302
0 votes
Linden Moe, Agent, Jersey City, NJ
Tue Jul 13, 2010
Hi M.T,

The answer to your question is crystal clear. If you can get a true 1 bedroom at the $325k mark that is an awesome price. Actual sold units showing between $340-$430k average.

Depending on which side you are facing.

I would say grab that unit while you can..

And if at all possible,.. Get your own representation.

So that your own buyers agents
can look at the property
evaluate the current sold prices
evaluate the current active prices,

as well as (if they have to) give you reasons to NOT buy the home

. "And avoid some 9 costly , common ,homebuyer mistakes"
"And over 13 extra cost and inspection traps you should be aware of"

If you want any copies of those, let me know.

Hope thats helpful,
Linden Moe
Citizens Premier Real Estate
Direct 201-839-4927
http://www.hudsoncountyrealestatechat.com
lindenmoe@yahoo.com
0 votes
Christopher…, Agent, Jersey City, NJ
Tue Jul 13, 2010
Hi MT,

Its difficult to give an average sales price for a 1BR in Gulls Cove(or any building) as the prices vary greatly depending on size, exposure, etc.

If you let me know the line you are considering, I can pull the comps and give you an accurate average.

That being said, 325k seems much too low for any of the 1BRs in that building.

Best Regards,

Chris Amberg
Weichert Realtors
Exchange Place Office
251 Washington Street
Jersey City, NJ 07302
Cell: 917-428-8317
Email: camberg@weichert.com
http://www.6thBoroughRealEstate.com
0 votes
Walter Burns, Agent, Hoboken, NJ
Tue Jul 13, 2010
M.T.

It depends on which way the condo is facing. To give you an idea, I just two buyers buy1 bedrooms at Gulls Cove.

One paid about $430,000 for a 1 bedroom with parking facing south over the courtyard.

The other paid about $422,000 for a 1 bedroom facing north towards 225 Grand St. The parking accounts for about $30,000 worth of value.

I hope this helps. Please let me know if you have any additional questions. I'll be happy to assist.

Sincerely,

--
Walter J. Burns
Realtor-Associate
Weichert Realtors
Hoboken, NJ
201-653-8488 Ext: 230
201-694-8946 Mobile
http://www.livingonthehudson.com
0 votes
Eric J. Dilo…, Agent, Hoboken, NJ
Tue Jul 13, 2010
Hi M.T. Are you buying a re-sale, or directly from the building? Let me know and I'll do a quick analysis for you.

Eric J.
0 votes
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