New Jersey Townhouse Development Sees Sales Uptick
- Aug 12, 2010
Dees Stribling, Contributing Editor
Edgewater, N.J.–In another example of pockets of recovery among for-sale multifamily properties, the developers of Vela, a townhouse development in Edgewater, N.J., report that three of its townhouses have sold in the last four months. Currently only four of 29 residences remain available.
Upscales buyers are back in the market. Or so it appears judging by the number of buyers looking to buy at Vela Townhomes, which start just shy of $1.5 million for one of the 3,600-square-foot designs.
“We haven’t seen a noticeable difference in the types of buyers that are purchasing high-end, luxury homes than before the recession,” Angela Tront, the Vela site manager and a new homes associate with Coldwell Banker Real Estate, tells MHN. “We have a nice mix at Vela–young professionals as well as empty nesters–but that’s consistent with the demographic that was buying these types of properties in the mid-2000s.”
The views of New York City and the Hudson River help attract buyers, she adds. All of the remaining properties are three-bedroom, four-bathroom designs, each with a private rooftop deck with a glass-enclosed solarium.
Other amenities offered by the property include hardwood flooring, high ceilings and large expanses of glass to highlight the view. The eat-in kitchens are outfitted with walnut wood cabinetry and St. Gabriel-honed granite countertops, and feature various higher-end stainless steel appliances, such as KitchenAid refrigerators, Viking ovens and Kohler fixtures.
The master baths boast Atlantis marble flooring, Biarritz Blue-honed limestone vanity tops, walnut cabinetry with chrome accents, Kohler soaking tubs and separate glass-enclosed showers. Even the secondary baths have finishes associated with lucre, such as French Vanilla-honed marble vanity tops with chrome accents, ceramic tile floors and wet walls.
“High-quality products are the first to rebound in an upswing because it’s understood they will hold their value,” Daniel Rosen of Rosen Global Partners noted in a statement regarding Vela.