JERSEY CITY-Despite popular wisdom that rentals dominate the housing market, condominiums are selling in New Jersey, says the marketing team for The Residences at Dixon Mills, the conversion of a pencil factory into 467 homes here.
With 266 units purchased (including 10 in October), the project is more than 50% sold, and eight new floor plans are being introduced, says Jodi Stasse, president of Stasse & Co., the Princeton, NJ-based sales and marketing agent for the project.
“We’re targeting first-time homebuyers and had incredible velocity,” Stasse tells GlobeSt.com. “Real estate is still a very wise investment. For the first-time homebuyer who is planning on spending more time in that home, it’s a longer-term vision.”
The community, developed by Elmsford NY-based Robert Martin Co. and designed by architect Nancy Santos, LLC, consists of studios, one bedrooms, two bedrooms, duplexes and townhomes. Work has been completed in the Heritage Building, while the Ticon Building renovations are expected to be complete by the end of this month. The complex also includes a fully equipped fitness center, lifestyle lounge and round the clock security.
“We really are implementing the original vision of the property,” Stasse says. “Our price, for the product we have is amazing.”
Two-bedroom units begin at $405,000, particularly good given the project’s proximity, just three blocks, to the Grove Street PATH station. As part of the community’s amenities package, Dixon Mills offers residents a shuttle bus to the station. “We’re very comfortable with our sales,” Stasse says. “At five to six sales per month, we’re comfortable with that velocity.”
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