MetroHomes in Financial Trouble?
MetroHomes has a big presence in Hoboken. Their fancy sales center is open on downtown Washington Street. Their advertising posters grace the windows of every real estate agency in town. The MetroStop project is rising by the 9th Street Light Rail stop. They built quite few buildings here and in Jersey City in the past few years. Dean Giebel, President of MetroHomes, is in partnership with Donald Trump to build the Trump project in the Powerhouse Arts district of Jersey City and one tower is just about completed. Yet much to the chagrin of local politicians, MetroHomes recently halted work on the 224 unit Esperanza in Asbury Park.
If you bought a MetroHomes unit in Hoboken, how has your investment fared? Since Hoboken condo prices rose drastically from the time pre-construction sales began in these buildings until about 2005, anyone who bought in early has done quite well. Since 2005, Hoboken condo prices have leveled off. So the chart below looks at average sales prices from 1/1/2005 to date by unit size.
Since, other than location and size of building, the units tend to be pretty similar to one another, it’s interesting to see how the prices differ.
Next up – I’ll do the same number crunching for resales at The Upper Grand, the Constitution, and some of the other well-known condos around Hoboken.
* Sales figures include only transactions on the MLS and do not include FSBOs.