By Eugene Gilligan, Contributing Editor
Iselin, N.J.–American Properties Realty said it will conduct “Pot O’ Gold,” weekend home tours on the weekend of March 13 and 14, playing on a St. Patrick’s Day theme, at two of their New Jersey condominium communities, The Preserve at Matawan and The Jefferson in Ewing.
Tours such as these allow prospective buyers to compare apartments and their amenities in a relatively brief period of time, says Paul Csik, senior vice president of sales and marketing at American Properties. But, Csik expresses satisfaction with the sales velocity at the two communities, citing several reasons for a sales uptick he has seen since the beginning of this year.
He cites the $8,000 first-time homebuyer tax credit as one reason for the sales pick-up. For instance, at the Ewing, located near Princeton, 85 percent of the buyers are first-time homebuyers, and the complex has seen 13 sales since the beginning of the year. A quarter of the units have been sold in the community, and 70 percent of the first two of the community’s five total phases.
Also, American Properties Realty is not finding a lot of competition for its condominium product type in central New Jersey, Csik says.
“There isn’t a lot of competition,” Csik said. “A lot of communities in central New Jersey don’t want condominiums.”
Both of these condominium communities are targeted to those buyers looking for well-located, market-rate housing. The Preserve, named after a 10-acre wooden preserve that the new community borders on, is located in the Monmouth County community of Matawan, and is located near a commuter rail station that connects to New York City. Sales velocity has also accelerated recently at The Preserve.
“We’ve had 10 deals since the beginning of the year,” Csik says. Eighty percent of the units have sold at The Preserve’s first two phases, and 50 percent overall at the development, which will have six phases when completed.
Models at the two developments range in size from 1,446 square feet to 1,635 square feet. The Preserve at Matawan currently features two-bedroom, two bathroom condos starting at $249,990, while the Jefferson in Ewing has similar layouts starting at $209,990. American Properties is also offering a $10,000 incentive on select units.
The First Time Homebuyer Tax Credit, which was already extended once, is set to expire on April 30 of this year. But Csik doesn’t see that as a major stumbling block. “There is a real need for housing that people can afford,” he says.