Sales Reach 40 Percent Sales Mark at Jersey City Condo
- Apr 21, 2010
Jersey City, N.J.—The Saffron, a luxury condominium located in downtown Jersey City, has reached a mark of just under 40 percent of total units sold.
The Saffron contains 76 condominiums, and is located two blocks from the Grove St. PATH station. The developer, Fields Development Group, held an auction at the property last November, which resulted in the eventual sale of nine units. After that, sales were suspended until late December, as a new marketing plan was initiated, says James Caulfield, Jr., a principal of Fields Development Group. Apartment sales since the December re-opening have averaged about six a month, Caulfield says.
“The auction was very helpful in setting pricing, and letting us know where the market was,” Caulfield says, noting that prices for a two-bedroom at The Saffron are in the low-$400,000 range.
Buyers are attracted to the Saffron’s proximity to PATH, he says, and amenities such as a rooftop community room that contains a full-sized kitchen and flat screen television. The property also has a full-size gym and Internet lounge.
Buying activity has also been spurred by the soon-to-expire first-time homebuyer tax credit, and Federal Housing Administration (FHA) approval, which allows buyers to put as little as 3.5 percent down, Caulfield says.
One-, two- and three-bedroom condominiums range in size from 675 square feet to roughly 1,200 square feet of living space. They feature interior design elements such as man-made stone countertops, custom white high-gloss cabinets, and bamboo hardwood flooring.
The Saffron’s two five-story buildings are connected by a central lobby and complemented by a central courtyard.
Caulfield says buyer traffic is up at many condominiums in Jersey City and Hoboken, and that inventory has been cut in half in the two New Jersey riverfront cities in the past year. He also revealed that Fields Development is building a 131-apartment complex in downtown Jersey City, with the project now in the site plan approval stage.