NJ Business published an article Thursday saying that even though some purchases in the Maxwell Place condos on the waterfront have been canceled, there are $1 million condos still selling in the mile-square city. They see this as a positive sign.
The story notes: “Cautious optimism, spiced with slowly renewing demand for high-end homes in at least one Northern New Jersey community, came from the real estate sector on Thursday. Toll Brothers Inc. (NYSE: TOL), a luxury homebuilder based in Horsham, Pa., reported a net loss of $472.3 million in its fiscal third-quarter earnings, attributed in part to tax fees.
While those numbers were bleak, Robert Toll, chief executive, offered a touch of encouraging news, including new interest in the company’s Hoboken properties…
“The company said it coped with numerous cancellations at its Maxwell Place condominiums in Hoboken during the crisis on Wall Street, but during Thursday’s earnings call, Toll said that market still pulsed with some life.
“’ In the past several weeks, we’ve been seeing interest in $1 million units in Hoboken,’ he said…. ‘We believe that customers are recognizing now is the time to get into the market at record affordability.’ “