Jersey City Condo Developer Reports Spike in International Buyers

By Anuradha Kher, Online News EditorJersey City, N.J.–77 Hudson, K. Hovnanian Homes’ 48-story luxury condominium building on Jersey City’s Gold Coast, is experiencing an increase in the number of international buyers which is driving their sales to date. Prices range from $500,000 to $2.75 million for one-, two – or three-bedroom residences and penthouses, and studios are in the $400,000’s. The developer has been working with CORE Group Marketing to showcase the project to international brokers, which has resulted in over 20 percent of the residences sold have been purchased by international buyers.Now, in order to help real estate brokers selling to international clientele, as well as to make them aware of the different laws and regulations that may affect them, K. Hovnanian Homes has teamed up with Fides Finance to conduct a broker seminar at the 77 Hudson Sales Center on July 16. The seminar is open to all brokers.The seminar is expected to educate brokers on the intricacies of working with international buyers. Seminar topics will include: the cost of ownership, tax implications, available financing, various restrictions and needed documentation for international buyers. Fides Finance Managing director Mel Dogan, who has assisted in over $2 billion of international real estate transactions, will lead the seminar. He has over 25 years experience in financing and has facilitated deals with clients based in Brazil, Russia, China, Italy, Turkey, and the Czech Republic. In addition, Ellie Von Toussaint a partner in the firm will discuss the alternative mortgage programs available to foreign nationals.“We help educate and assist foreign sales teams and developers marketing properties in the U.S.,” says Dogan. “We are now applying those same principles with this seminar to help the local sales team at 77 Hudson optimally reach out to a broad range of international buyers.”