Looking at the 2016 Sales at 389 Washington St. in Downtown Jersey City we see only 10 units changed hands. The scarcity of sales shows that buyers are happy with their purchases and are not in a hurry to sell.
A quick look at the spreadsheet shows that the apartments sold relatively quick. The average time on market was just 39 days. The other thing that stands out is that the initial offer prices seem to be a little optimistic. To wit on average the homes sold for about 8% lower than the initial offer price. There was one apartment, Unit 21K that actually sold for 45% less than it was initially priced.
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This home was priced initially at $1,999,000. Eventually the price was lowered to $1,150,00 and finally sold at $1,085,000. At that price the two bedroom two bath, 1,247 square feet home sold for $870 per square foot. At that price it sold for .33% less than the average price for the building for the year. I can’t help but wonder if the seller wouldn’t have gotten a better price if the home had been priced properly from the beginning.
After prices were adjusted Sales at 389 Washington St. were just 2.6% lower than the last offer price
For a great overall look at the history of Sales at 389 Washington St. and
Detailed Building Review CLICK HERE
The other side of that coin is unit# 30C. This one bedroom one bath home sold for $520K . Since this is a 577 square foot apartment
tment, the price per square foot is $901. So, becasue the home was priced right, it not only sold for 8% more than the offer price but also it sold for 3.23% higher than the average for the building. Once again we see that an apartment priced properly will more often than not fetch a higher price. Oh, and one more thing, it sold in 6 days.
Of all the Sales at 389 Washington St. in 2016 the highest priced per square foot home was unit 33H. Obviously this is a very high floor home, the 33rd floor being the penultimate floor in the building. For the record the top floor, the 34th is designated the Penthouse floor. There were no apartments sold on the Penthouse floor of 389 Washington in 2016.
Unit 33H is a lovely one bedroom one bath home. The H line in the A Building face east and it has direct river and city skyline views. At 777 square feet this is a very nice sized one bedroom home. The selling price was $738,500 and that price means that it sold for almost $958 per square foot. At that number the home sold for almost 10% more than the average price per square foot for the building for 2016.
Here is the detailed data for the 2016 Sales at 389 Washington St.