Trump Plaza Residences Jersey City, the exquisite residential tower located on New Jersey’s prestigious Gold Coast, is celebrating a successful summer of stellar sales and building enhancements as it looks forward to exciting events in the coming new year.

Sales at the luxury condominium at 88 Morgan St. have greatly exceeded expectations, with approximately 50 homes having sold since January of this year. About 20 residences sold during the summer months, which is typically a slow time for real estate sales.

 

“The extraordinary sales volume is evidence of the appeal of Trump Plaza Residences Jersey City and its great value,” said Jodi Stasse, director of marketing and sales. “A resident can enjoy a real metropolitan lifestyle here — with access to every luxury amenity they can imagine, as well as a full-service concierge — at advantageous pricing with low interest rates!”

The 55-story building, New Jersey’s tallest residential tower, offers beautiful one-, two- and three-bedroom residences of up to 1,599 square feet. One-bedroom homes start in the mid-$400,000s and two-bedroom homes start in the mid-$600,000s. Penthouses and three-bedroom homes are also available, but are in limited supply. A 20-year tax abatement for the residential tower translates to reduced property taxes.

In addition to the inherent appeal of the luxury building, Stasse attributed the volume of sales to a new marketing campaign for the building, launched earlier in the year, which introduced new advertising and communication materials including the sleek new property website, www.trumpplazaresidences.com.

Referrals from residents have been another huge part of the building’s sales success.

“The residents here take pride in the community they have formed together. They’re always looking forward to seeing new neighbors in the building and they want to contribute to the success here,” said Stasse. “They appreciate the rate at which they’ve seen the building fill up and they have a desire to share this lifestyle with the people closest to them.”

Another bonus for residents is the elite TRUMP CARD Privileges Program presented by the Trump Hotel Collection, which entitles them to special offers, personal services and added benefits at any Trump Hotel Collection property in New York, Chicago, Las Vegas and Hawaii. Future Trump Hotel Collection properties that members can look forward to visiting include those in New Orleans, Panama, Toronto, Cap Cana, Dubai and Scotland.

The summer also brought a special treat in the form of the building’s lighted rooftop crown, which was installed in August. The bright purple lighting, striking against the night sky, added the final touch to the enhancements that took place this year including a new front entrance, remodeled lobby and embellished pool and outdoor lawn seating areas.

On-site conveniences are also coming soon with the arrival in early 2011 of ROAR Dental and Elegant Nails and Spa, as well as the highly anticipated opening of buon Italia gourmet Italian market, originally of Chelsea Market fame in New York City.

Buon Italia will offer imported groceries; meat and seafood counters; prepared foods and specialty products, including fresh cheeses, pastas and charcuterie; a combination espresso bar, gelato bar, pasty shop and wine bar; and generous indoor and outdoor café seating.

“Having buon Italia set up shop right at our front door is an incredible convenience for residents and an extension of the amazing amenities that are offered at Trump Plaza Residences,” said Stasse. “Plus, it will instantly turn the neighborhood into a destination spot.”

Trump Plaza Residences is appreciated by residents for its impressive amenities and unparalleled service. The lavish 40,000 square feet of indoor and outdoor amenities and well-known Trump 24/7 concierge service are luxury hallmarks of the elegant property and the Trump brand.

A sampling of the amenities includes a screening room; game room; Roman-style aqua grotto; in-house spa; heated pool with cabanas; and an impressive glass-enclosed fitness center.

The building’s thoughtfully designed homes features elegant, contemporary design elements and custom oversized windows that open out to sweeping views of the Hudson River, the Statue of Liberty and the Manhattan skyline.

The proximity of Trump Plaza Residences Jersey City to Manhattan and the rest of the Gold Coast, as well as its convenient location near the Exchange Place and Grove Street PATH stations, the waterfront ferry and the Bergen-Hudson Light Rail, makes for easy commuting and uncomplicated travel.

For more information on Trump Plaza Residences Jersey City, visit the on-site sales suite, which is open seven days a week from 11 a.m. to 6 p.m. at 88 Morgan St. in Jersey City. Morning and evening hours are available by appointment. Contact the sales and marketing team by calling (888) 263-7003, e-mailing info@trumpplazaresidences.com or visiting the website at www.trumpplazaresidences.com.

To learn more about the TRUMP CARD Privileges Program, visit www.TrumpHotelCollection.com/TRUMPCARD. For more information on buon Italia gourmet Italian market, visit www.buonitalia.com

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-or- Search for us on Facebook: Trump Plaza Residences Jersey City

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The post Real Estate Views-Trump Plaza Residences Jersey City Looks Ahead After A Summer Of Success first appeared on River View Observer.

Jersey City, N.J. (Mar. 3, 2010) – Trump Plaza Residences has been able to place many buyers into their dream homes at the 55-story Jersey City luxury condominium tower due in large part to the property’s FHA (Federal Housing Administration) loan-compliant status under which the federal government insures private loans to qualifying borrowers.

FHA mortgage terms for New Jersey, differentiating from county to county, allow for loans up to $729,000. The majority of prospective buyers at Trump Plaza Residences are first-time homebuyers seeking homes in the $450,000 to $600,000 price range, therefore qualifying for FHA financing. FHA loans have no income limits, allow for less-than-perfect credit histories and allow buyers to put down as little as 3.5 percent, compared to 10 to 20 percent for a conventional mortgage.
“Being able to tell prospective buyers that the property is FHA-qualified makes all the difference to those who didn’t think a luxury home at Trump Plaza Residences was within their reach,” said Jodi Stasse, director of marketing and sales at Trump Plaza Residences. “However, prospective buyers should be aware that the FHA guidelines are changing and that they should act now to take maximum advantage of the program.”

The FHA guideline changes, which go into effect this spring, could prevent a portion of borrowers from meeting the new, stricter requirements, said Ray Lamberti Jr., Trump Plaza Residences’ on-site Wells Fargo Home Mortgage representative. These changes, combined with the upcoming April 30 expiration of the $8,000 first-time homebuyer federal tax credit, have created a sense of urgency among buyers that has stimulated a surge in sales.

“The best thing first-time homebuyers can do for themselves is come in and talk to us today,” Lamberti said. “If there’s a chance the new guidelines could even slightly prevent a prospective buyer from obtaining a home here, then we need to work with that individual or family as soon as possible.”

Trump Plaza Residences Jersey City has already sold out over half of their 443 homes. The sales team takes pride in the care and attention they show to prospective buyers, offering them comprehensive financial guidance and consultation so they can find homes that will fit their budgets and fulfill their lifestyle needs. In addition, they help prospective buyers understand all components of their financial obligations, from monthly mortgage payments to maintenance fees.

A major appeal of Trump Plaza Residences is the incredible 40,000 square feet of lavish, Trump-managed amenities, including a screening room; a dining room with a catering kitchen; an outdoor landscaped lawn area; a game room; sitting areas and lounges; an aqua grotto; a heated outdoor pool with cabanas; an in-house spa including massage facilities, locker rooms and saunas; a business facility and a fitness center.

As the tallest residential tower in Jersey City, the building also features panoramic views from the George Washington to the Verrazzano Narrows bridges, and a convenient location near the PATH station, the waterfront ferry and the Bergen-Hudson Light Rail that puts all of Manhattan and the Gold Coast at residents’ doorsteps.

The homes at Trump Plaza Residences include one- and two-bedroom homes ranging in size up to 1,450 square feet. Prices for the one-bedrooms start in the mid $400,000s, while the two-bedrooms start in the mid-$600,000s. Three-bedroom homes and penthouses are available but are in limited supply, with pricing available upon request. The city has granted the building 20-year tax abatement, which translates into reduced property taxes for buyers.

“With the new FHA guidelines taking effect in the spring, the federal tax credit expiring in April and the 20-year tax abatement, I can’t imagine a better time to buy than right now,” Stasse said. “Plus, interest rates remain at or near historic lows. The fact that this fortuitous confluence of circumstances is unlikely to come again provides an incredible incentive for first-time homebuyers who are still on the fence to realize their dream of owning a home at Trump Plaza Residences.”

The details of the new FHA guidelines were announced last month, Lamberti said. The changes were initiated as a means of addressing the increased risk in the housing market and strengthening the FHA’s capital reserves, thus improving their financial position and ensuring their long-term ability to guarantee affordable mortgages.

Under the new guidelines, mortgage insurance premiums (MIP) will increase from 1.75 percent to 2.25 percent of the loan amount. In addition, there is a reduction of the allowable amount of seller concessions to the buyer from 6 percent to 3 percent. In the past, sellers could offer up to 6 percent of the home’s closing cost to the buyer as an incentive if the buyer used an FHA mortgage; now, the allowable concession is only 3 percent of the closing cost.

Other advantages of an FHA-insured loan include little or no adjustment to the mortgage interest rate during the life of the loan, a mortgage insurance premium (MIP) that is funded into the loan instead of being paid for out-of-pocket and the fact that the mortgage can be assumed by a qualified buyer, which means that if the seller’s mortgage carries a lower rate than the current market rate, the buyer can take over the seller’s mortgage. This is a great option for the buyer to have if they sell their unit five or six years later and the rates are higher at that time.

Yet another big advantage of a FHA-insured loan in today’s climate of widespread job displacement and workforce reduction is that, unlike with a conventional mortgage, friends or relatives can gift the down payment to the borrower.

For more information on Trump Plaza Residences Jersey City, please contact the on-site sales and marketing team by calling (888) 263-7003, e-mailing info@trumpplazaresidences.com or visiting the Web site at www.trumpplazaresidences.com

About Trump Organization

The Trump Organization is the world’s only global luxury real estate super-brand, and is responsible for many of the world’s most recognized developments. Trump is renowned for its leadership in real estate development, sales and marketing and property management, representing the highest level of excellence and luxury in residential, office and retail properties. The experience of owning a Trump property and living the Trump lifestyle is unparalleled. With each of its properties, Trump continues to consistently raise the bar for super luxury living.

The post REAL ESTATE- FHA Financing Brings Sales Success to Trump Plaza Residences Jersey City first appeared on River View Observer.