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Thursday, May 24, 2007

Hoboken's Velocity: Sale's Velocity Near Zero

Hoboken's Velocity development has had its share of problems, unless of course long periods of an idle construction site are planned. It seems sales must not be as good as the developers had hoped, since according to, the first 40 units will be auctioned off to the highest bidder. This sounds like a sweet deal, if you don't mind living next to low income projects. As Hoboken411 illustrates, the southern end of the two building development sits next to Hoboken's more affordable side.

[Via Curbed]



Anonymous Anonymous said...

Actually they falsely advertised for 40 units, because they only auctioned 9 units. The itinerary was originally set for 16, 200 people showed up. Then, after 9 units they decided the prices weren't high enough, so they cut off the auction. Not to mention that paying $390,000 for a one bedroom is not really a deal. Grat, so in 45 days 9 people will be living in a complex of 128 units all alone, next to the projects.

3:00 PM  
Anonymous Anonymous said...

Yesterday, I looked at a bunch of one bedroom's and seriously considered bidding on it.... until I got into my car and found out that the only way out was through the little street going through the heart of the projects with cars parked on both sides in.
NO WAY in hell am I going to do that everyday! I am sure all it would take to become a story in evening newspaper would be for me to ding one of the cars.
So did the one bedroom's really go for 390,000??? I wasn't going to go above 350,000.

12:10 AM  
Anonymous Anonymous said...

Totally Agree. This was a total blunder for the developer. Not only did he waist everyone’s time and piss everyone off, he made his building totally undesirable. And, the people who are willing to spend half of a million dollars for a condo don’t appreciate being part of your stupid “Marketing Gimmick.” Originally, I had hoped to buy a 2 bedroom for a reasonable price. By the end of the auction I was glad I didn’t have the opportunity to bid on anything at all and I actually feel bad for the people who won. All this auction did was raise numerous questions about the building and the market. Personally, I don’t see how this developer can afford to have a building with 90 vacant apartments but I’m sure his investors aren’t getting worried. Watch out for bankruptcy

9:04 AM  
Anonymous Anonymous said...

We went to the pre-auction for Velocity. This guy "John" who seems to be the owner/developer of this Velocity development. He clearly and angrily told us he won't even sell any units for minimum price. It apparently a sale Gimick. Such waste of time and shady marketing scheme! GOOD LUCK SELLING REST OF YOUR UNITS AND FOR THE ONES WHO WON THE AUCTION. DOES ANYONE HAVE THE FINAL PRICING FOR ALL THE 9 UNITS WERE SOLD?

9:31 AM  
Anonymous Anonymous said...

I was at the auction and it was a complete joke. I was interested in a 2 bedroom so I can only speak to that. The best unit 402 went for $502K and unit 302 went for $486K. Clearly the market has spoken and no one should buy a two bedroom unit for more then what was paid at auction. I heard the owners are going to put the 2 bedrooms back on the market for $551K.

12:41 PM  
Anonymous Anonymous said...

The Bergen Record said today, "But it seemed to solidify opinions that the North Jersey condominium market remains alive - if the price is right." Yeah i agree! I'll take a 2 bedroom right now for $395K. THAT'S THE RIGHT PRICE!

4:17 PM  
Anonymous Anonymous said...

I live in the Velocity and am very pleased with the condo. It is higher quality construction at a really good value. I was also frustrated with what went on at the auction. I was attemtpting to buy additional 2 bedroom untis. Driving by the Public Housings at 3am is much safer than expected. There always seems to be a few people in the street watching out for my safety.

6:43 AM  

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