2016 was another banner year for the Jersey City Real Estate one bedroom market. Buyers bought an amazing number, 327, one bedroom sold in Downtown Jersey City ! Prices also set solid records with the average sold price being $570,941 and the average median price of $560,000.
The highest price paid for a one bedroom in Downtown Jersey City was a very impressive $1,190,000. This 1050 square foot home is, as might be expected, at the Crystal Point #2, 2nd Street. It features spectacular river and NYC skyline views form the living room as well as from the bedroom.
It was initially listed at $1,995,000 back in September of last year then it underwent a series of price drops and it was then also offered as a rental with another broker. Finally it was relisted with yet a different agent and priced properly $1,250,00 and they found a buyer at $1,190,000.
As always proper pricing is one of the keys. The other key and probably even more important is marketing. Taxes were indicated at $11,082. per year or $11 per square foot and monthly maintenance
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At the other end of the spectrum the lowest priced one bedroom home in Downtown Jersey city was 344 Pavonia Ave. unit 2A. At 575 square feet this home is a lot larger than one would expect at to see at this price range and this location. This home was listed at $259,000 and sold for $1,000 more at $260,000. Taxes are $2,564 per year and monthly maintenance is $217
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The biggest one bedroom apartment sold was MLS# 160008693 at 269,7th Street. This absolutely beautiful home is a total of 1800 square feet. While technically a one bedroom in it’s current configuration there is room enough to reconfigure it as a three bedroom plus den if the new owner so chooses. The home is configured as a duplex and also has a perfectly lovely private garden.
Everything in it seems to be done to a very high degree of quality but I have to admit that an open shower next to a kitchen in what looks to be a basement “family room” is not something you see every day.
There was a pretty serious bidding war for this one ! It was originally listed at $769,000 but sold way above that at $901,500. Taxes are $12,383 and maintenance is $483 per month.
The average Jersey City one bedroom apartment sold after being 37 days on the market from the last listing date and sold at a 0.4% premium to the last offer price.
Sometimes Jersey City real estate one bedroom prices take some unexpected turns. One of the more interesting sales was MLS# 160014976 at 217 Newark Ave Unit 306 at the Saffron. It’s a 624 square foot home with a one bedroom one bath and a terrace facing the court yard. What makes this sale stand apart is the price! Originally listed at $515,000 it sold for $557,000. That worked out to $893 per square foot and that represents a 20% premium to the average price in Downtown Jersey City. Oddly enough it’s price per square foot is also higher than other units in the building.