8/14/2008 Update:

Another Real Estate entry that hasn’t been updated in over a year!

The “formerly known as Velocity” condominiums are now called the “Julianna,” and are rentals instead.

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SEE PREVIOUS PROGRESS REPORTS AFTER THE JUMP…

6/8/2007 Update:

Another Hoboken “Blogger” who seemingly has a big interest in the NW area of town, had a preview of the Velocity Auction. Many pictures of the site, and I thought that he was very overzealous about this project. The write-up definitely sounded either like a sales pitch, or was coming from a “flipper” trying to stir up interest in this property. Many of the anonymous comments expressed the same sentiment. If it has anything to do with Kannekt (this article was mentioned there), then there’s something fishy about it, IMO.

These “low” auction starting prices are just that. Starting prices. They whet people’s appetites, and they might end up paying more than market if the bidding gets furious.

I don’t know what the future will bring with our economy, etc, but once the area is fully developed, it certainly has some promise.

Here’s a picture of the “gym” in each building. 128 units will share this? He calls it “a little on the small side”… Wh-wh-what?

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5/24/2007 Update:

Here’s the link a reader posted earlier today. So it seems they’re trying fancy techniques to trick people into thinking it’s going to be some great deal.

For one, don’t most homes for sale now have some kind of bidding process already?

And what is to prevent some insider at REMI to artificially increase the bid price? How is this being audited/monitored?

They should start the bids at $0.99 like on eBay.

You shall bid on our Velocity !

Homer Simpson once tried to woo his wife into attending a police auction by saying they might stumble upon the “drug boat of their dreams.” He also giddily promises “drug dresses” and “drug vacuum cleaners.”

Homer understood our collective fascination with an auction: The chance to get good swag at a cheap price. (Not to mention the thrill of outbidding a competitor.)

But imagine going to an auction and finding new-construction real estate for sale. Next month, you can do just that, and it’s no sheriff auction: REMI Companies is offering 40 condos in their new Hoboken, N.J., building Velocity. The auction will take place on June 24 at the Hyatt at 2 Exchange Place in Jersey City (registration is at 11:30 a.m., the auction kicks off at 1 p.m.). To register for the auction, stop by Velocity (at the intersection of Jackson and Seventh streets) between June 2 and June 23, look at what will be on the auction block and sign up.

“We’re in a market where we don’t really need an auction,” says Erik Kaiser, CEO of REMI. But, he wants to “cut down on additional costs that would usually be borne by the buyer.”

It also allows the market, rather than the developer, to determine the value of the apartments: “We’d rather let [buyers] establish a price in the market,” Kaiser says.

Bidding will start at $295,000 for a 745-square-foot one-bedroom and $395,000 for a two-bedroom.

Velocity will have 128 units in total and consist of one-, two- and three-bedrooms (the largest unit is 1,550 square feet). It will be green (”The building is LEED-certified by default,” says Kaiser, “but we have not applied for a LEED rating”) and will have a concierge, outdoor space, gym, garage and free wireless Internet. Moreover, the building will be a block away from the light rail, which gets you to the Hoboken PATH station in just six minutes.

“If this first [auction] is successful, we might do all the units” at auction, Kaiser says.

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1/9/2007 Update:

Drove by the other day, and it seemed as if work was going on at Velocity. A bunch of construction workers pouring concrete. Snapped a few pictures of the perpetually broken windows and some un-planted trees. Anyone know the status of this project? I heard on the street it may be available by the Spring, but it had a checkered past and was wondering if people would ever move in.

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Update: 10/19/2006

Here’s a photo just showing how abandonded this site looks from a birdseye perspective. I guess it’s still better than an empty lot. Anyone have any news about what’s going on with this site? I can’t seem to get straight info. Thanks!
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Update: 9/5/2006
It seems as if something very bad has happened here at the Velocity developments. I’ve heard rumblings about developer foreclosure and that whomever is holding the bond might be selling these things super cheap sometime in the future. I guess the “if you build it, they will come” phrase doesn’t always pan out.

Not sure it matters, because even thought the well-made exterior walls are up and there are working models, the rest of the units haven’t been touched in months. No interior walls or any other work going on.

That’s Hoboken for you. But not sure what the real truth of this situation is, because I’ve heard different stories, excuses, etc. Even rumors of REMI executives getting nabbed for tax evasion.

Anyone else have any concrete information?

4/20/2006:

Condos. They look well made. Do you think they're priced fairly?

Over half a mile walk to Washington Street. Not that you don't need/want the exercise… 

Description - New construction. Luxury Condominiums close to the Light rail Station (and to the projects to the SOUTH)
Website - www.velocityhoboken.com
Address - 600 Jackson St, Hoboken, NJ 07030
Telephone - 201-420-7142

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