MARKETING DIRECTORS ADDS 75 CLINTON TO BROOKLYN PRESENCE

Posted on March 12, 2012 by themarketingdirectorsinc

BROOKLYN—The Marketing Directors has been named the exclusive marketing and leasing agent for 75 Clinton, a nine-story luxury rental building featuring 74 upscale residences in Brooklyn Heights.

The new assignment follows the Marketing Directors’ successful lease-up of the 95-home Arias Park Slope rental building in less than five months, and the recent announcement that it will direct the marketing and leasing for Midwood Investment & Development’s newest luxury rental development at 285 Broadway in Williamsburg.

The Marketing Directors officially launched the leasing program at 75 Clinton this week for the property’s new owner, Invesco, and Property Manager, Milestone Management.

Monthly rents start at $2,800 for studios, $3,210 for studios with home offices, $3,660 for one-bedroom residences, $5,000 for two-bedroom layouts and $7,630 for three-bedroom homes. Immediate occupancy is available.

Centrally located in the Brooklyn Heights neighborhood, 75 Clinton puts residents in easy distance of shopping, culture, dining, and nightlife. Minutes from the property is The Promenade, a scenic third-of-a-mile waterfront stretch offering views of lower Manhattan, South Street Seaport, the East River and the Brooklyn Bridge. Designed by Rawlings Architects, 75 Clinton’s homes feature a host of condominium-level finishes and appointments. Every home includes an audio/video intercom system and a washer and dryer, while many residences feature private outdoor space.

NEW SALES CENTER AT CRYSTAL POINT AWES HOMEBUYERS WITH MAGNIFICENT NEW YORK CITY VIEWS

Posted on February 29, 2012 by themarketingdirectorsinc

JERSEY CITY, NJ. — Crystal Point has unveiled a new sales center that’s sure to electrify visitors to the 42-story condominium building situated directly on the Hudson River waterfront with awe-inspiring Manhattan and Jersey City views.

Located in a spectacular decorated two-bedroom Penthouse home on the 41st floor of the crystalline-inspired building, the sales facility is one of the most impressive of its type – combining stylish interior designs with floor-to-ceiling windows that maximize Crystal Point’s unique location and provide unobstructed vistas of the New York City skyline stretching from downtown Manhattan to the George Washington Bridge

“Crystal Point unquestionably has some of the best views on New Jersey’s Hudson River ‘Gold Coast,” says Brian Fisher, president of Fisher Development Associates, which is developing the collection of 269 residences. “This luxuriously appointed sales and model center will allow visitors to experience views of downtown Manhattan and western New Jersey from the moment they walk in the door.”

With nearly 90% of its homes sold, a new selection of premium condominiums that represent some of the finest opportunities to date at Crystal Point has been released for sale.

The homes, which are priced from the upper $500,000s, provide the added advantage of immediate occupancy dates, meaning homebuyers can enjoy their new upscale urban lifestyle just weeks after signing a contract. Available residences include spacious one- and two- bedroom homes, including Penthouse condominiums.

“We’re on the verge of completing one of the most successful sales programs in Hudson County in recent memory,” Mr. Fisher says. “However, fantastic purchasing opportunities still remain.

“Each of the available condominiums offers the same attributes that continue to make Crystal Point the preferred choice of today’s homebuyers, with unprecedented value, luxurious living spaces, five star amenities and sought-after direct waterfront location. Best of all, those who act quickly and purchase now can be residing in this spectacular building just in time for the spring season.”

Homes at Crystal Point range from 800 to 1,586 square-feet and offer an array of premium finishes. Residents also benefit from an on-site concierge and round the clock on-site valet parking. Homes are made even more attractive thanks to a 30-year tax abatement that has been granted to the building.

“Floor-to-ceiling windows drench the homes in natural light and many of the residences offer riverfront balconies,” notes Adrienne Albert, CEO of The Marketing Directors, Inc., the building’s marketing and exclusive sales agent.

“Many kitchens boast Italian Pedini wood and glass cabinetry, sparkling quartzite counters, under-cabinet task lighting, full height pantries, islands with breakfast bars and a full Jenn-Air appliance suite. Each residence also has SMART home technology capabilities and a full-sized washer and dryer.”

Created by the renowned New York City architectural firm Gruzen Samton LLP, the distinctive design of the landmark Crystal Point building maximizes its unrivaled waterfront location and creates homes with modern, open and furnishable living areas.

“Unlike many high-rise developments which often seem cavernous with long hallways, we split the Crystal Point plan in half with elevators positioned in the middle of the residential floors to create short corridors and provide the building with a very intimate feel,” says Jordan Gruzen (FAIA) of Gruzen Samton.

“We utilized multiple façade planes to break the building‘s mass up and ensure that every home has magnificent views. From the moment you open the front door of each home, you are aware of the views and the light. The layouts of the homes themselves often create large square rooms and sprawling living spaces that are open, airy and extremely functional.”

The lifestyle that separates Crystal Point can be seen in its Manhattan-style amenities. Outside, residents enjoy an expansive outdoor deck of over ten thousand square feet overlooking the Hudson River on the building’s sixth-floor, featuring a sparkling pool, giant hot tub, cabana style dining areas, and lounge chair seating, as well as two BBQs and dining area, fire pit and a children’s play area.

Indoors, there’s five-star amenities including the Crystal Spa with a thermal bath, sauna, steam and treatment rooms, a yoga/aerobics room, state-of-the-art fitness center, lounge with flat screen televisions, game room with billiard and poker tables, children’s play room and a screening room within the Crystal Club.

The award-winning Crystal Point building has been recognized as the ULI-NNJ’s 2010 “Project of the Year” and last year received the Gold Award for “Community of the Year” from the National Association of Home Builders.

Crystal Point is conveniently located between the Paulus Hook and Newport sections of Jersey City and steps from PATH trains at both Exchange Place and Newport with direct access into New York City and a Light Rail station.

For additional information on Crystal Point, please call 201-433-7778 or visit www.crystalpointcondos.com.

What to Build TODAY – Adrienne Albert featured in ABO Development Magazine

Posted on February 10, 2012 by themarketingdirectorsinc

Residential marketing expert Adrienne Albert, founder and CEO of The Marketing Directors, explained everything builders need to know about where, when, why and what to build in Manhattan in her presentation at ABO’s November Luncheon.

Albert won members’ attention right off the bat, proclaiming, “It seems as if the market is coming back.” She based her findings on the latest research compiled by her firm, which has helped sell or lease properties worth $29 billion over the last 30 years.

ADRIENNE ALBERT

Through September of 2011, Albert reported, there were 3,600 condominium closings at an average of $1,400 a square foot across Manhattan, including 1,400 studios averaging about $1,050 per square foot; 1,400 one-bedrooms at $1,100 a square foot; and 1,100 two-bedrooms averaging $1,350 per square foot.

While just 550 three, four and five-bedroom units closed, prices were higher, ranging from $1,600 per square foot for the three-beds to $1,820 for the fours. Five-bedroom units, with only 42 sold, went for almost $2,000 a square foot.

“Should we all go out and build larger homes?” posed Albert. To address the question, she presented a snapshot of current inventory.

One-bedroom units are the predominant apartment type on the market today, representing 35 percent of homes for sale. “A lot of you remember the day when the smaller homes had the higher price per square foot,” said Albert. “That is not the case today. We are playing with a whole new set of rules.”

Studios are only 12 percent of the homes for sale, at $1,100 per square foot. “This price should rise,” said Albert. Two-bedrooms have a one-third share, listed at an average $1,236 per square foot, and three-beds account for 16 percent of homes for sale, at $1,555 a square foot. Four-bedroom units, with 6 percent of the listings, average over $2,000 a square foot.

“The larger homes are really looking attractive,” noted Albert — “large dollars achieved, large dollars listed, very little product listed.” But she cautioned builders to consider the number of new units slated for construction in the next couple of years before jumping into big apartments.

Some 2,000 condo apartments larger than 1,600 square feet are in development in 27 buildings. They can expect to command more than $2,000 a square foot, said Albert. Handsome prices, if they can find buyers.

“In order to purchase one of these large expensive homes,” she said, “assuming a purchase price of $4 million, you need to earn approximately $1 million a year if you intend to mortgage. And that assumes that you can get a mortgage.”

As for the “typically-sized” homes, there are about 34 buildings with less than 2,500 apartments smaller than 1,600 square feet in the works set to be priced from $1,000 to $1,500 per square foot, depending upon the neighborhood. “To own one of these homes at today’s low interest rates, the buyers needs to earn “only” $450,000 a year, assuming an average price of $1.7 million. “And this assumes the buyer has enough cash and good enough credit to obtain a mortgage,” adds Albert.

Given that both larger and smaller homes represent about the same amount of new product coming into the marketplace, “should you build large and go for the big bucks,” posed Albert — “differentiating your offering enough to be one of the lucky buildings that attract these very few wealthy homebuyers?”

Or, “should you go smaller and cheaper and spread the risk, appealing to a broader market, but settle for a lesser yield?” She left it to the temperament and goals of the investors to decide.

Whatever the apartment mix, where should we build?

Downtown enjoys the most activity in the city, reported Albert, with 29 percent of homes sold in 2011, averaging $1,280 per square foot over 134 buildings — “the greatest volume but the lowest prices.”

Midtown West sold 23 percent of homes at an average of about $1,450 per square foot — “good volume,” noted Albert, “good average dollars. Definitely an area to consider.” Midtown East garnered 16 percent of the market at $1,300 per square foot; the Upper West Side had 17 percent of the closings at $1,450 per square foot. The Upper East Side, “a sleeper for the past few years,” observed Albert, earned a 15 percent market share with the highest prices — about $1,480 a square foot.

As for homes listed for sale today, Downtown represents 40 percent of the market, by far the biggest piece of the pie in Manhattan. Plus, added Albert, “There is a lot of new product coming to downtown, so the absorption is going to be the longest.”

“Maybe we don’t want to build downtown for the next year or two,” she advised.

Midtown East, while valued at less per square foot, has the least amount of listings — just seven month’s inventory, with a record of high absorption. “I would definitely flag that as something to look at,” said Albert.

The Upper East Side has nine months available inventory. The Upper West Side has eight months of inventory with a very high absorption rate.

Regarding new development, Midtown East and Midtown West have the least amount of for-sale product in the pipeline, making them potentially winning areas for investment. And the Upper West Side, said Albert, “where there is very little product coming online for sale in a desirable, established neighborhood,” could be the safest bet for new product.

Across all of Manhattan, noted Albert, “at the 2011 absorption rate, there is six to 10 months of inventory on the market, depending on neighborhood, and a very limited supply of new homes coming to the market in the next few years. As the existing inventory is purchased, supply diminishes.”

“If demand remains constant, prices have to go up,” concluded Albert. “Big time.”

Looking at the challenges builders face to today, Albert said the biggest is probably the difficulty of obtaining construction financing. Also, the banks remain stingy with loans for buyers of apartments, requiring that the project they are in have no more than 20 percent of its space used for commercial purposes, no more than 10 percent ofthe homes owned by an individual owner and at least 51 percent of the homes be owner-occupied.

Banks require reserve funds for capital expenses and deferred maintenance in a new condominium be equal to 10 percent of the operating budget. And the project cannot include a hotel.

To developers with the fortitude to go ahead in this climate, Albert recommend they do a reserve study, which, while expensive, can help them get an exception to the 10 percent reserve fund requirement. Builders should look into “PERS (Project Eligibility Review Service),” she added, a program that eases eligibility requirements for qualifying buildings for obtaining Fannie Mae approval. Plus they should work with multiple banks, mortgage lenders, brokers and portfolio lenders — “each can bring

different programs to the table for your purchasers. And have qualified, trained salespeople that know how to deal with financing.”

If all else fails, she said, “look into the possibility of providing sponsor financing,” adding, “I know that’s just what you do not want to hear.”

Better yet, build a rental.

“Rents are going up,” said Albert. In the first to third quarters of 2011 rents for two-bedrooms were up nine percent, seven percent for one-bedrooms and six percent for studios. One-bedrooms enjoyed the greatest level of activity and are likely to continue that way. Building one-bedroom rentals right now is a good way to go — “a no-brainer,” she said.

The most promising areas in which to build rentals are the Upper East Side, with little to no new construction planned, and the Upper West Side, a strong market with little in the pipeline.

Albert forecasts buildings coming up in the next couple of years will rent at $75 a square foot, with studios averaging about $3,500 a month, one-bedrooms $4,700 a month and two-beds around $6,600. Formidable numbers.

“Tenants for studios would need to earn $140,000 per year to qualify at the rate of 40 times earnings to rent,” said Albert. One-bedroom tenants would need to earn $190,000 a year. Two-bedrooms would require $255,000 a year to qualify.

Still, she advised, “we think the long-term safety bet — very safe — is to build rental. On the other hand, she adds, “from a yield standpoint, there is more opportunity on the horizon in condominiums — if you can get the job financed.”

“Whatever you choose to build,” advised Albert — “rental or condo — Uptown, Downtown, all around the town — there is money to be made in this market.” CLICK TO VIEW ORIGINAL ARTICLE >>>

MARKETING DIRECTORS HIRED TO SELL EAST VILLAGE CONDOS

Posted on January 31, 2012 by themarketingdirectorsinc

The East 13th Street project is New Jersey developer Ironstate’s first in New York City

via The Real Deal

The group of developers building an 82-unit condominium building at 211 East 13th Street has hired Jacqueline Urgo, president of The Marketing Directors, to promote the property, which is slated for groundbreaking this summer.

The project, which will occupy a vacant site between Second and Third avenues, is being developed by Ironstate Development, Charles Blaichman, and Abram Shnay and his son, Scott Shnay. They are anticipating completing the project by late 2013.

The consortium bought three adjacent lots on the block for $33.2 million in October from Builtgross Associates, a subsidiary of Milstein Properties, and took out a nearly $20.8 million mortgage, according to city property records. Builtgross had owned the sites at 208 East 14th Street, 214 East 14th Street and 216 East 14th Street since 1986.

The project will feature a mix of studios and one-, two- and three-bedroom apartments, plus 4,500 square feet of ground-floor retail space on East 14th Street. Amenities include a gym, lounge and roof deck with an outdoor kitchen. Buyers will have a chance to purchase private storage and roof terraces.

Though Blaichman and Abram Shnay are no strangers to the downtown Manhattan development scene, this is the first New York City project for Ironstate, one of New Jersey’s largest developers. The Hoboken, N.J.-based company is also partnering with Andre Balazs to transform the Cooper Square Hotel at 25 Cooper Square into the Standard East Village.

Previously, Ironstate has worked with the Marketing Directors on Garden State properties, among them Jersey City’s 225 Grand and the condos above the W Hoboken hotel.

Blaichman, owner of Chrystie Street-based CM Developers, has frequently collaborated with the Shnays before, including on rapper Jay-Z’s failed bid to develop a Chelsea hotel. Blaichman and the Shnays also jointly built the Urban Glass House, a condo building designed by Philip Johnson at 330 Spring Street, and the Theory Building at 40 Gansevoort Street. — Leigh Kamping-Carder

ANOTHER BRLYN CONDO PROJECT GOES RENTAL

Posted on January 26, 2012 by themarketingdirectorsinc

Despite some signs of more demand from buyers for high-end housing, a new owner opts for the safer route of leasing units.

By AMANDA FUNG/Crains New York Business

Despite signs that the market for residential condominiums in Brooklyn may be regaining its feet, one owner is having none of it.

The new owner of 75 Clinton St. in Brooklyn Heights, a property that was originally planned as a 74-unit condo conversion, will instead bring it to market early next month as a rental, according to Angela Ferrara, vice president of sales for The Marketing Directors, which was retained as the project’s exclusive marketing firm.

The news comes just a week after Invesco, a Dallas-based investment firm, closed on the purchase of the building for an undisclosed price and named Milestone Management the property’s manager. It was that firm that then tapped Marketing Directors.

Just last month Invesco paid a reported $57.5 million for a 95-unit residential building called Arias Park Slope in that eponymous Brooklyn neighborhood. That property too had been conceived as a condo, but had recently been successfully re-positioned as a rental with Marketing Directors as the agent there, as well.

“75 Clinton was built as a condo so the level of finishes is amazing,” said Ms. Ferrara, adding her firm’s experience with the Arias, which it leased up in under five months, would seem to bode well for the property in Brooklyn Heights. “Renters will be getting multi-million dollar homes for far less than they would have paid if they bought it.”

Rents will range from $2,800 a month to $7,000 a month, depending on the size of the apartment. The nine-story building, which features a view of the Brooklyn Bridge above the fifth floor, has studios to three bedroom apartments.

The penthouses with 957 square feet outdoor space will go for around $8,000 a month. According to Streeteasy.com, studios were being sold for a minimum of $435,000 and two bedrooms were being sold for as much as $1.3 million. The original developer of the conversion was Marshall Weisman, according to published reports.

While apartments were being marketed by The Corcoran Group a few years ago while the project was underway, the condo plan was never declared effective, according to Ms. Ferrara.

“The rental market is booming,” she said, adding that while rentals in Brooklyn especially prime areas like Brooklyn Heights are attractive because it is still cheaper than Manhattan, where rents of $70 to $80 per square foot. For instance, rents at 75 Clinton St. range from $50 to $60 per square foot.

CRYSTAL POINT ON JERSEY CITY’S WATERFRONT SAVES THE BEST FOR LAST

Posted on January 25, 2012 by themarketingdirectorsinc

With Nearly 90% Of Its Upscale Residences Sold And 246 Homes Closed 42-Story Condominium Releases Premium Condominiums

CRYSTAL POINT

JERSEY CITY, N.J. – Crystal Point on Jersey City’s Hudson River waterfront has unquestionably saved the best for last.

With nearly 90% of its homes sold and 246 homes closed, the fast selling 42-story building has released a new selection of premium condominiums that represent some of its finest opportunities to date, according to Brian Fisher, president of Fisher Development Associates, which is developing the collection of 269 residences.

“We’re on the verge of completing one of the most successful sales programs in Hudson County in recent memory,” Mr. Fisher says. “However, fantastic purchasing opportunities still remain.

Interested purchasers who want to experience all that Crystal Point has to offer first hand can now see two new professionally decorated model homes which include a spectacular two-bedroom Penthouse with unrivaled views of the Hudson River and Jersey City and a well-appointed one-bedroom model home.

Situated on the soaring 41st floor, the 1,526 square-foot Penthouse has been designed to maximize Crystal Point’s incredible, unobstructed views of the New York City skyline stretching from downtown Manhattan to the Verrazano Bridge with floor-to-ceiling windows, living room with dramatic panoramic vistas of the surrounding landscape, stylish dining area and open kitchen.

The lifestyle that separates Crystal Point can be seen in its Manhattan-style amenities. Outside, residents enjoy an expansive outdoor deck of over ten thousand square feet overlooking the Hudson River on the building’s sixth-floor, featuring a sparkling pool, giant hot tub, private cabanas (there are cabana style dinning areas, but not actual cabanas) and lounge chair seating, as well as two BBQs and dining area, fire pit and a children’s play area.

For additional information on Crystal Point, please call 201-433-7778 or visit www.crystalpointcondos.com.

THE VUE GRAND OPENS TO THE PUBLIC WITH LUXURY CONDOMINUM AND RENTAL RESIDENCES

Posted on January 12, 2012 by themarketingdirectorsinc

The City’s Tallest Residential Tower is Located Adjacent to Downtown New Brunswick’s Train Station

NEW BRUNSWICK, January 11, 2012 – The Vue has officially grand opened to the public with a unique mix of Penthouse condominium and luxury rental residences in the heart of New Brunswick, NJ’s burgeoning downtown district.

Ideally located on Somerset Street and Easton Avenue with direct walkway access to New Brunswick’s train station, which offers express service into Manhattan and Philadelphia, the 23-story building is the City’s tallest, offering impressive views of the Raritan River and New Brunswick skyline. The first eight stories consist of 57,000 square-feet of retail space including a full-scale Barnes & Noble to also serve as the bookstore for Rutgers University and a Brother Jimmy’s BBQ restaurant, 57,500 square feet of commercial space and a 657-vehicle parking garage, according to New Brunswick Development Corporation (DEVCO) and Pennrose Properties, the partnership developing The Vue.

Situated on top of the retail component is a 14-story residential tower that houses 150 upscale rental residences and 42 Penthouse condominiums that occupy the top three floors. Initial occupancy for the residential homes is expected in February.

“The Vue is a gateway to New Brunswick,” says Christopher J. Paladino, President of DEVCO. “New Brunswick is a sophisticated urban destination and The Vue brings an iconic new building to the City featuring exceptional homes, first-class amenities, and a convenient location encouraging the use of public transportation.”

“This is a true transit-oriented development,” adds Timothy Henkel, Senior Vice President of Pennrose Properties, LLC. “We will appeal to both current New Brunswick residents looking to upgrade their lifestyle as well as those from surrounding areas who are attracted to the City’s pedestrian-friendly, convenient, downtown lifestyle.”

The Vue has debuted with two professionally-decorated model residences. One home displays the luxury finishes and appointments of the condominiums, while the second model illustrates those of the rental residences.

One- and two-bedroom condominium homes at The Vue range in size from 773 to 1,216 square feet of living space and are initially priced from $277,000. The well-appointed residences feature hardwood flooring throughout the living and dining room, recessed lighting, and open gourmet kitchens complete with custom cabinetry, granite countertops and backsplashes, and state-of-the-art, stainless steel GE Energy Star appliance packages. Master baths are adorned with silvery gray granite countertops and marble flooring, elegant arctic white title shower surrounds, custom café vanities with polished chrome fixtures and glass-enclosed showers. Each home also includes a washer and dryer.

The Vue also offers a mix of one- and two-bedroom rental homes with myriad upscale features, including hardwood flooring in living and dining rooms, gourmet kitchens with grey oak cabinetry, quartz countertops and stainless steel GE Energy Star appliances; luxurious master baths and in-home washer and dryers. Monthly rents for these residences begin from $1,800.

“The rare offering of both condominium and rental residences opens this community up to consumers with a wide range of lifestyle needs, all of whom will appreciate the exceptional value found here in terms of upscale finishes, superb amenities and services and an ultra convenient location,” notes Jacqueline Urgo, President of The Marketing Directors, Inc., exclusive sales and leasing agent for The Vue.

“Resort-like amenities include an attended, custom designed lobby; fully-equipped fitness center and residents-only lounge featuring a billiards table, flat screen televisions, WiFi business bar and a separate catering kitchen and conference room. The Vue has also partnered with Verizon’s Virtual Concierge service to provide residents with additional services such as dining and building event reservations, and the ability to manage local venders (i.e. drycleaner, florist, housekeeping service, etc.) remotely. Residents will also appreciate the convenience of direct access to the New Brunswick Train Station and on-site parking garage, as well as a location next to Rutgers University and all the entertainment and cultural delights of New Brunswick.”

Designed by Manhattan-based Meltzer/Mandl Architects, PC, the building’s exterior is notable for its multi-toned red brick and white façade and distinguishing exterior

“R-U-T-G-E-R-S” clock above the street level entrance to the Barnes & Noble College Bookstore. Additional retail and commercial space already secured at the building include offices for the New Brunswick Parking Authority and Starbucks, while the 62,000 square-foot RWJ Fitness & Wellness Center along with The Fresh Grocer, a full-service supermarket, are currently under construction across the street and slated to open fall 2012.

For additional information on The Vue, please call 732-828-0111 or visit www.TheVuenj.com. The building is located at 110 Somerset Street, New Brunswick, NJ. The onsite sales and leasing office is open Monday thru Friday from 10:00am to 6:00pm and Saturday and Sunday from 11:00am to 6:00pm.

Apex Will Be Featured on HGTV’s “Selling NY” This Thursday!

Posted on January 11, 2012 by themarketingdirectorsinc

The joy of renting! More people are renting in NJ!

Posted on January 10, 2012 by themarketingdirectorsinc

VIA JENNIFER V. HUGHES/SPECIAL TO THE RECORD

Jeff Rossi, 25, says he chooses to rent because it suits his lifestyle and he can take advantage of financial incentives. He rents this apartment at Harrison Station.

Jeff Rossi is only 25, but when he was leaving his parents’ home recently, he contemplated buying.

“My mother is a Realtor and she fought me on renting,” he said. “She told me to get an investment. I’m very hands-on, but I don’t have time and patience to do it now.”

Rossi is a renter at Harrison Station, a 275-unit building in Harrison.

He loves the pool, amenities room, business center and retail offerings. Although those choices are available in the condo market, Rossi said he likes the flexibility of rentals.

“The other great thing is that with a lot of new buildings, there are incentives to move in, you get two free months here, two free months there,” he said. “I’m a single guy, I can move around a lot. You can get a great deal.”

Rossi is one of legions of renters in North Jersey who are in no hurry to buy. Some are waiting for economic stability or for the market to settle. Many also just enjoy the renter’s lifestyle.

The rise of the renter can be seen in how home-ownership rates have dropped in recent years. In 2005 and 2006 in New Jersey, between 69 and 70 percent of people owned their own home, according to census data. In the third quarter of 2011, that number dipped to 65 percent.

Marnie Raimondo is well aware that this is an excellent time to buy a home.

She knows interest rates and prices are at record lows, and her sister — her younger sister, she points out with a laugh — has been looking at homes for months.

“She’s always telling me, ‘You should really be out there looking,’ ” said Raimondo, who has a one-bedroom apartment at 140 Mayhill, a luxury rental building in Saddle Brook.

“I do make a good living and, technically speaking, I could afford it, but I don’t feel like I have enough to put down on a house and still have money in my back pocket in the event that something happens.”

“I like renting,” Raimondo said. “It’s easy, it’s convenient. I don’t have any maintenance to worry about. They take care of everything for me. There’s a parking garage, and when it snows my car is covered. There’s no shoveling.”

Raimondo said her rent is similar to a mortgage, but she knows there are hidden costs associated with homeownership.

“If anything goes wrong, you have to foot the bill, you can’t just call the super,” she said.

Another sign of renting’s popularity is how vacancy rates are low — about 3.7 percent in Bergen County for the third quarter of 2011, according to the real estate investment-services firm Marcus & Millichap.

Those numbers are a far cry from the U.S. average, which was 9.8 percent in third quarter of 2011, but lower than the first quarter of 2010 when Bergen County’s vacancy rate hit 5.7 percent.

The recent low vacancy rates are similar to what they were in 2005 when the economy was stronger, said Michael Fasano, Marcus & Millichap vice president and regional manager.

‘A better lifestyle’

“The vacancy rates were low in 2005 because the stronger economy was driving companies to hire people out of college who needed to rent apartments,” Fasano said. “Today what’s driving it is that people now see apartment renting as part of a better lifestyle.”

Low vacancy rates mean that rents also are on the rise. In Bergen County, effective monthly rent in 2005 was $1,348. In 2011 it nudged up to $1,484, according to Fasano.

Another way to gauge the popularity of renting is to look at the buildings. The developer BNE Real Estate Group recently switched two projects from condo to rental to respond to marketplace demands.

The first originally was conceived as an active-adult condo development, then switched to a free-market for-sale product. Last month, they broke ground on a 194-unit rental project in Fort Lee called Twenty50 that should be done by September 2013. The second project, in Jersey City, also was originally slated to be condos; it’s now planned as a 139-unit rental development.

“In general what we’re really seeing is a lot of people are renting by choice now,” said Jonathan Schwartz, senior vice president for BNE. “It’s about greater mobility and flexibility and not having to worry about maintaining a home, and still living within 10 minutes of Manhattan.”

Sally Robertson and her husband, Oscar Burgos, would seem to be prime candidates for home ownership, thanks to their three children. But Robertson said they have no plans to move from their Hoboken duplex at The Shipyard, where they have lived for nine years.

“For us, it’s about lifestyle,” said Robertson, whose family loves the building’s pool, the proximity to New York City and the conveniences of rental living.

“We don’t spend any of our free time doing maintenance or mowing lawns or fixing things,” said Robertson, who is originally from London; her husband is from Colombia. “Any free time we have we spend enjoying where we live, not maintaining it.”

In the early years at the Shipyard, Robertson watched many of their friends buy homes in the suburbs. Recently, they’ve seen more staying, and some people who left have returned.

“I think in all honesty, if we did buy a place it would be in Europe or somewhere else, a place that we would live part of the year,” she said.

Robertson said her family can’t believe how much they spend on rent, knowing that none of it is building equity.

“If you stop at the end of the year and think about how much money you’ve paid in rent, that can be a little shocking,” she said. But she always comes back to the luxury features of the Shipyard — the waterfront park, the health club, the on-site retail shopping.

“Honestly, we could not afford to live in such a beautiful place if we bought,” she said.

Luxury rentals are a major driving force, said Jacqueline Urgo, president of The Marketing Directors, which does in-house sales and marketing for both condo and rental projects. In the three decades Urgo has been with the company, she has seen major changes.

“Let’s say that in 1995, if you had a lounge in a rental building, it was considered an unbelievable luxury,” she said. “Now you have buildings with a doorman, a spa, an upscale lounge, a state-of-the-art fitness center. You have an amenities package similar to a luxury condo.”

In those early days, rental buildings never trumpeted in-unit features such as finishes and appliances. Urgo said one of their newest projects, a 108-unit rental building in Elmwood Park built by Riverfront Residential, will have granite countertops and artistically designed tiling.

“The materials will be incredible,” she said.

Urgo said she’s seeing luxury rentals go quickly. At Harrison Station, about 50 percent of the homes have been rented after only three months on the market. Urgo compares that to a project she recalled in the 1990s that took 16 months to rent out.

Real estate agents say their rental clients are rising. Scott Selleck, broker sales associate for Re/Max Villa Realtors in Edgewater, said his rental clientele has increased by 50 percent in the past six months.

“There is a mindset that people would rather rent and keep their payments reasonable, and not get caught with the market dipping again,” Selleck said.

Marketing Directors Returns To Hoboken To Launch New Luxury Rental Building

Posted on December 21, 2011 by themarketingdirectorsinc

1100 JEFFERSON

Last year, The Marketing Directors, Inc. successfully leased the 44-home luxury rental building at 1100 Jefferson Street in Hoboken, NJ in just 12 weeks. Now the Manhattan-based marketing and sales/leasing firm has been brought back by Ursa Development to launch the community’s second phase of homes.

Located at 1101 Madison Street, the new phase also features 44 residences in a distinctive six-story building. Leasing Is underway, with initial occupancy scheduled for December 1st. Grace Septembre, an experienced real estate professional and recent addition to The Marketing Directors team, is the buildings onsite Leasing Manager.

“1100 Jefferson was an unmitigated success as we were able to demonstrate to tenters the quality, luxury, lifestyle and value offered at the property which led to a rapid lease-up,” notes Jacqueline Urgo, President of The Marketing Directors, Inc. “We’re delighted Ursa Development has once again given us the stewardship of their property and we look forward to an equally-successful program with this new offering of homes.”

The new phase at 1100 Jefferson features a variety of spacious one-, two- and three-bedroom residences that range in size from 757 to 1,604 square feet. Initial monthly rents range from $2,470.

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