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The Views at Hudson Pointe
Description - Luxury Condos along the Hudson River, views of the Manhattan skyline.. - 146 Condos.
Services - Concierge services, Fitness center, Library, Conference room, A "roof garden", Outdoor pool.
Website - www.khov.com
Address - River Road, North Bergen, New Jersey ( NJ ) 07047 Map It
Telephone - (201) 758-0905
Reviews
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Review - Hard to say if we have hit the top or not. The increase in MLS listings probably has to do with the season. Think about it, if an average time between listing and final contract signing is 45 days then if you list now, you are talking about mid-Dec for contract signing and Mid-Feb closing. This is not optimal for both the buyer and seller. I expect to see a sharp drop off in MLS listing by mid/late Nov. December is just not a good month for showings in the Norteast - think about the weather and people's attention on the holidays instead. If I were to list now, I probably would price very modestly just to get as many deals as possible. Once you pass Thanxgiving, the market is pretty much in hibernation mode till late March at the earliest.
BTW - I do see some units priced very aggressively initially and still on the market. For instance, there is an unit over Indy Harbor priced at 715K at first, now at 668K (for about 1300 sft)or the 759K 2 bed 2 bath unit there (~ 1450 sft, has not dropped the price YET) or the unit over Legend Hills priced at 759K at first now at 738K (I think OHP is building right in front of LH, so the NYC views are gone for the LH folks).
(2005-10-26 )
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Review - I think we've hit the very top of the market folks. Check out the MLS. Lots of listings and prices are dropping a bit. Be careful!
(2005-10-25 )
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Review - For good reason. There's really no reason to buy here over the other choices out here. Inferior location, poor space-constrained floorplans, high taxes, and WAY too expensive. This one will be sitting for awhile, mark my words.
(2005-10-13 )
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Review - I saw it today.
Quite frankly, don't understand all the criticism on this forum.
Their plans look pretty nice.
Someone mentioned taxes of 2000 a month. Thats not entirely true. Taxes are 2%. So if you have bought the 1.3 million 3 bedroom corner unit facing the water, then yes your taxes will be that high. For most other units, esp the non water facing ones, it will be less, closer to 1000 a month.
Again, the 1000 per sq foot price is for the waterfront facing units. For that you get a water view, new construction of course, which includes most of the upgrades you would want.
Without the water view the sq foot pricing is less.
I also like the location of the outdoor pool and the gym, which will have views as well.
And maintenance includes use of all building amenities, including a mini-theater, which is kinda cool.
Ultimately don't know what this place will look like, but Khov did a great job with City Place (or is it City Point) and Grand View looks like it's gonna be great too.
(2005-10-13 )
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Review - I believe they're not selling as well as the other new buildings coming up on the Gold Coast.
Product or Service - 50/50 Customer Service - 50/50
(2005-10-02 )
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Review - I received snail mail from them recently asking me to come back and take a look at it for a second time. I'm assuming they're not selling well.
(2005-09-30 )
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Review - Any news on how units are selling?
Product or Service - 20/50 Customer Service - 10/50
(2005-09-29 )
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Review - LOL - or better yet, anyone earning $500k should probably be living in a completely different area! But I think all these things people have said are right - the views is all this thing has going for it. The units are shoeboxes and the location sucks. Edgewater is much better for resale.
(2005-09-19 )
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Review - Tax situation at Views at Hudson Pointe -
For those people speculating on the success of this building - and those willing to risk the 10% downpayment - just consider this - the average unit will have property taxes approaching $2,000 per month. Anyone who can comfortably afford real estate taxes of $2,000 a month should be earning close to $500,000 a year (if you don't want to be living on the edge). If someone earns $500,000 a year - they largely lose the benefit of the property tax deduction under the NJ half-millionaire tax. That means that $2,000 a month is really the pre-tax equivalent of $3,000 a month. Anybody hoping to rent out their unit should not expect more than $2,500 a month for the average 2 bedroom.
What does this all add up to? $8,000 to $10,000 a month negative cash flow to own the average unit in this building.
Product or Service - 15/50 Customer Service - 20/50
(2005-09-18 )
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Review - I agree the floor plans are a joke. Whoever designed this building must have had an algorithm to maximize every square inch of this property so that all of the units could be called 2 and 3 bedrooms. I can't figure out how they will sell the interior courtyard apartments. This isn't Hoboken. The only windows these courtyard units have face the rooftop garden - which in turn has no views other than of the sky above - as all views are blocked by the ring of exterior lofts.
The exterior facade of the building looks very pleasing - they can't be faulted on that.
Product or Service - 20/50 Customer Service - 20/50
(2005-09-18 )
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Review - WRT the floorplans, did anyone notice how small the rooms are? The living room [11 X 12] is about as big as a regular bedroom, the master bed [13 X 11] is like a regular bed in most other Edgewater condos and the regular beds here are the 9X9 types, more like a storage room. And where is the dining room, a 5 X 5 is not a room, but an area. They are trying to sell this place as a 3/2.5 set up (3 beds are very rare in Edgewater condos) but boy, did they cut down the size of each room.
Heck, they could remodel the current plan to a 4/2.5 setup but turning the living room into another bedroom. Then you have four bedrooms, 2 full baths, a dinning area, an open kitchen, in an area easy to commute to NYC, and rent this out as a 4-room apartment unit for the commuters.
(2005-09-17 )
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Review - which KHOV property has lost money? Is that a fair question - as a rising tide lifts all boats. However - if you must ask - consider that VHP's next door neighboor - Kingston Point - built by KHOV in 2002/3 has had virtually no appreciation - flat in a rising market. The 2 bedrooms are still $525K and the one bedrooms are still $325K - and this was KHOV's first project on the Gold Coast after Bulls Ferry was completed. The North Bergen taxes are depressing Kingston Point values. The fact that there are no amenities is offset by the views. KHOV is asking for 120 to 130% of market value for new construction. Take a look down the road in Jacobs Ferry. In the last six months sales of the Fanwood townhouses have screeched to a halt as the number listed from $900K to $1.05 million keeps increasing. People are trying to bail out while they can and you are seeing price cuts and still no sales. The Fanwood is a bargain compared to the crap they are selling at VHP for even more money. I am not sure how much you know about the mortgage market - but the major force behind the last few years property appreciation has been the 100% LTV loan where the buyer puts no money down. The loan is broken into 2 components - a 1st and 2nd lien. Well the 2nd liens were being sold to Wall Street investors at big premiums - but now the rating agencies are cracking down on the 2nds which is leading to bids for these mortgages to dry up - as we speak. That means the days of the no money down mortgage will soon be a thing of the past. Now that buyers will actually need to come up with a downpayment - say goodbye to appreciation above 5% a year.
Product or Service - 25/50 Customer Service - 20/50
(2005-09-17 )
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Review - Again, to the reviewers below. WHICH KHOV PROPERTY HAS LOST MONEY?
(2005-09-16 )
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Review - I just noticed that the floor plans were added to the Hovnanian website. They usually do this when they are trying to attract demand. They must be struggling to sell at these prices. If they want to increase demand - they should considering lowering prices by about 30%. Then they may be in the ballpark of reasonable.
Product or Service - 20/50 Customer Service - 20/50
(2005-09-16 )
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Review - Did people buying this place even bother to check out the location in the first place? The site is at most 5 feet or so away from the hige tide line, talk about flooding risks. Then there is this gas pipe structure right next to the site. There is a big no-smoking sign right there. What is that structure, is it a major gas pipe or what? Then the water-treatment plant (ok sewage treatment) right across the street. This and the gas pipe are structures that I doubt the city will move them away anytime soon. The car-wash is also a concern plus that abandon building (what an eye sore). This place is not within walking distance to Port Imperial or the Edgewater retail shops. You can walk to the Hospital, the car wash, the sewage plant..and that's about it. But if you want have the convinence to shop w/o driving, you can forget about this place - and btw - car insurance rate in NJ is steep as heck..talk about steep rates - did anyone bother to check out the tax rate for this property? Assume a 1400 sft unit with a view, it will cost 1.3 Million..and you will be paying 26K per yr in taxes alone. Holy crap. For 1.3 million, you can probably get a 2000 sft top of the line unit with unobstructed view of NYC in places like Independence Harbor, Promenade or even CityPlace...and pay about half the amount in taxes, let alone everything is within walking distance.
Product or Service - 20/50 Customer Service - 30/50
(2005-09-14 )
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Review - All the landscaping in the world can't save it's poor location. Apparently they have released more units now. Direct view units are almost $900 psf. That's not a deal. Good luck if you're buying at those nutty prices.
(2005-09-13 )
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Review - The land may look like junk now, but landscaping is key. Also, prices will keep on rising since the land is scarce.
Get in on new construction while you can.
Product or Service - 45/50 Customer Service - 45/50
(2005-09-08 )
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Review - Junky piece of land - lets not forget the gas pipeline or the awful debris visible during low tide. I believe that is a sewage plan accross the street - calling it a water treatment plant is being nice. Can somebody say flood zone? This property gets flooded after a normal rain storm. Somewhat arrogant sales staff. The multi-phase method of selling is nothing more than an illusory tactic to scare people into signing contracts. It amazes me that the NJ attorney general allows this to go on. How can they let a developer pre-sell a project over 2 years in advance. Seems kind of crazy. This place will be like the perfect storm for foreclosure in a few years. Has anybody looked at the floor plan book? Notice the courtyard apartments which only have windows facing the courtyard - which in turn has no view and is totally enclosed. I also noticed the garage design is weird - the apartments basically surround each floor of the garage. Because of height limits - they could not have a garage base - instead had to bundle the 2 on each floor.
Product or Service - 10/50 Customer Service - 20/50
(2005-09-04 )
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Review - Sounds like some condo flippers are getting hurt here. 850 K for a 1400 sft condo is ridiculous. Not with this particular location. It is not next to the shops, nothing is within walking distance - except a car washing facility, the hospital, the water treatment plant and the abandon building across the street. Of all the new condo developments, I rank the quality of location of this development the worst. This unit is built on some junk land slightly above sea level, would definitely be a wild spot if there is ever a major winter nor'easter. If people want to buy expensive places, at least go for one with some quality. JMHR.
Product or Service - 15/50 Customer Service - 35/50
(2005-09-03 )
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Review - Yeah, those prices are retarded. $1000 psf? I'll live in the city for that, instead of across from an abandoned warehouse and car wash. Are people really buying here?
(2005-08-28 )
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Review - I went into the sales office a few weeks ago - sounds like 4 of the 25 units which were sold the opening weekend are again availble - buyers got cold feet which isn't surprising considering a first floor 1400 sq foot apartment with no balcony directly on River Road with zero view and plenty of noise coming from the hospital is $850,000. Personally I think Hovnanian offers the best kitchen and bath designs and upgrades of any builder in the country - however that doesn't make the condos worth $300,000 over market. There is a tiny two bedroom with a direct Manhattan view on the first floor for $1.15 million = over $1,000 per sq foot. I can only imagine the looney prices they will be asking for the 4th floor lofts facing Manhattan - they seemed to indicate to me the pricing would range from $1.5 to $1.7 million on those units. That means taxes of $30K to $35K per year for a 1350 square foot apartment. Even if they get people to sign contracts now - I have a feeling a lot of people will bail two years from now when the building is completed and they realize they will be shelling out $11,000 a month total to live in a small apartment.
Oh and before I forget - the piece of land where this project is being built is total junk (too many reasons to list) - go checkout the gas pipeline running directly through the property next to the sales office - is has no smoking signs next to it and a chain link fence around the perimeter.
I can afford to buy here, but something keeps preventing me from signing a contract and that something is sanity.
Product or Service - 25/50 Customer Service - 25/50
(2005-08-26 )
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Review - What are the latest asking prices here?
(2005-08-25 )
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Review - The location is less than desirable. Directly across the street is the water treatment facility, a car-wash with a bunch of cars (not new ones) parking along the side and there is this old unattended building. The site itself looks like reclaimed land (at least it looks that way). It is not that many feet above the Hudson river and if there is ever a flooding event (the Nor'easters during winter, check out the records in Dec 92, part of Edgewater was flooded), this place looks more vulnerable than some. I just can't get too excited with the location. I'd place this spot more or less as appealing as the Mirabelle site further up the road. Both spots are far away from the shopping areas (it is quite a distance from Edgewater Commons or the new CityPlace shops)and with some odds places right around them (Mirabelle has that public storage place and the views could be blocked by the Watermark). If people are willing to pay this kind of price, go for a better location - One Hudson Park is ok, the WaterMark is super-expensive, Promenade is not bad, CityPlace is for those who can tolerate the weekend shopping buzz. One could do a lot better for this kind of price with some of older well built condos in Edgewater. Save the money and spend tons to upgrade the unit to everything top of the line and still save teens of thousands if not more.
Product or Service - 30/50 Customer Service - 40/50
(2005-08-01 )
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Review - 2% tax. Is there any tax abatement for this new property?
(2005-07-31 )
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Review - I stop by during the opening day and see if this is of any interest. The floor plans are so so, as someone have said already, the rooms are really small. It is very hard to find any 3 bedroom/3 full bath condos in Edgewater area (unless you are willing to pay 800-900K for the older buildings such as Grand Cove or Shelter Bay of which is less well built than some other condos with the same age, imo). If I have to bet, my bet is all those buyers now are less residential than investing oriented. I do not know if khov has any rules against condo flippings but I can't see the reason why people would line up to buy this location. And yes, the property tax rate is crazy. If you pay $750K for your 2 bd/2bt with a view, you will pay over $1200 a month on property taxes alone. Holy cow! If people want to buy luxury condo, stay away North Bergen, goto Edgewater instead. Over there, if you are lucky, you probably could grab a 1700-1800 sft condo with a good NYC view right along the river for about 700-750K, pay 450-500 bucks a month in maintance and $600 bucks/month in property taxes.
Product or Service - 25/50 Customer Service - 40/50
(2005-07-30 )
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Review - Really not worth it. Bad Location and mediocore ammenities (reason for low maintenance). I would look elsewhere than wait 2 years for this.
Product or Service - 10/50 Customer Service - 30/50
(2005-07-30 )
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Review - Was at the grand opening as well. There is NOTHING special about this building at all. It is cookie cutter condos, with not so spacious floorplans and a so-so location (facing an abandoned building, a car wash and a water tank). Nothing within walking distance. 3 Bedroom units that are 1300-1550 sf? Most bedrooms are 9-10 feet wide. Not what I would call great. But prices are up there and people are buying. As stated below, taxes on this building will kill resale value in my opinion. Hasn't happened in Jacbos/Bulls Ferry but those are much nicer units in my opinion. Edgewater is a better value!
(2005-07-22 )
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Review - I was there on the day of grand opening.
On that day, I heard that some (5-15 people) were sleeping since Tuesday ( opening was on Saturday ) just get in line as early as possible...
26 out of 146 was available on the opening and they sold everything to the first 30 people in the list.
Each unit is either 2 or 3 bedroom from 1075 to 1450 sq feet. 2 bedrooms facing the river road with no view were the cheapest and they were starting from 530 K (aroung 1200 sq feet). They were only the first two floors. ( first floor being the ground floor ).
They had smaller units with partial views of GWB view selling aroung 600 K . And the real views of Manhattan were somewhere from 720 K to 1.2 M.
Maintenance being 375~ is quite reasonable since you have concierge, library, 2 car parking spot, gym and a swimming pool.
But the funny thing is the crazy real estate tax percentage of North Bergen which is %2. And i know that when they start on phase II, they will be selling min 600K and even for that you will end up paying 1000$ a month for the tax...
The thing that drives the prices so crazy is there are still huge number of people that believe in buying in early phases and selling later. More than 50% of the people were there just to buy and sell in 1 year with 10 to 20 percent profit... Because they are so encouraged by the results that they had achieved within the last 2 years.
I dont know where this real estate thing is going, but I can easily tell that it is so hard for a young couple to own a condo. Maybe it is not the right thing to do right now.
But one thing I`m more that sure is somethings are not right. Condo prices ( they are appreciating more than houses around Hudson coast ) are getting higher and higher every day with no change in interest rates and with no increase in average salaries and income...
It still sounds so crazy to pay a 600K for a condo that is only facing the busy river road just one hill from Little Havana...
Product or Service - 40/50 Customer Service - 20/50
Reviewed by - No_Name (2005-07-21 )
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Review - I think the sales office is now open. Have anyone stopped by to see what the prices are like?
(2005-07-20 )
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