New Jersey is known for having some of the very best urban opportunities in the world—among the best colleges and schools, museums and libraries, as well as some of the finest parks, the most interesting architecture, the most intriguing mix of diverse people, and among the very best collection of historic sites in the nation. For residents, seeing that view on a daily basis does not come cheap.
Residential space in New Jersey is costly especially in urban areas like Hoboken or along the New Jersey Gold Coast or the Jersey Shore, and these days space, more than luxuries, has been the most sought after item in an apartment. Still, location is king, and New Jerseyans have gotten used to living in what others would think of as cramped quarters, while generally not enjoying some of the extras of community living that their apartment-dwelling suburban friends take for granted.
Those days are gone. While location is still an essential aspect of a property’s attractiveness to a potential buyer, it is no longer the only major consideration. For several newer and established properties around town, a building’s amenities are becoming a drawing point in and of themselves.
Among the most luxurious co-op/condo amenities now provided to residents include simulated golf courses, private beaches, 24-hour juice bars, wine cellars, grocery delivery coolers, in-house dog grooming services, yoga studios, media/screening rooms, video arcades for kids, craft rooms, and bowling alleys. Some of these items are becoming passé, while others now are unwritten requirements of a building’s amenities package. But more often these days, that amenities package amounts mostly to the facilities provided in a building, such as a gym, sauna, swimming pool, and a massage room. In those areas, it seems that buyers believe bigger may well be better.
Luxury Redefined
Some of the most luxurious special amenities that New Jersey condo properties are offering today include hundreds of thousands of square feet of space dedicated to resort-style recreational offerings. Residents of the Watermark on Hudson at 8100 River Road in North Bergen can measure the speed and trajectory of their golf game inside a specially designed, climate controlled, golf simulator room. When the city is in the grips of a snowstorm during the winter, residents at the 12-story, 206-unit, luxury condominium can head to an indoor pool, do a few laps, soak in a hot tub or catch a flick in the in-house screening room without leaving the comfort of the building. No PATH train rides are required. There’s also a billiard and card room, guest suites for out-of-town visitors, a coffee bar, and health club with cardio and resistance training zones.
“The Watermark on Hudson is setting the standard for luxury amenities in New Jersey,” says Joshua M. Baris of Coldwell Banker Residential Brokerage in Fort Lee. “This condominium attracts a lot of professional athletes. There are a few Jets, Yankees, Nets and Knicks, so the fitness center is extreme so is the golf simulator room. The Watermark attracts a very high-end clientele who want to be treated like royalty. It’s also located on the New Jersey Gold Coast, a spread of towns along the Hudson River, which is where a big chunk of luxury condominiums are located in New Jersey.”
What is considered a “top” amenity has changed over time, and even in recent years. Some items that used to be considered essential amenities for high-end condos, such as media rooms, or wine cellars, now are passé. Some of that change is technology-driven, virtual doormen and virtual concierges are slowing becoming the norm, and big screen TVs are affordable and everywhere—and some of the change is a recognition that a building’s amenities should appeal to a wider group of residents rather than a small percentage.
While Watermark on Hudson may offer a substantial chunk of space dedicated to amenities, it is just a part of a growing trend among newer residential properties that are offering a host of new amenities to suit the tastes of their residents.
In downtown Jersey City, a one-time working class neighborhood teeming with immigrants, you’ll find the luxury condominium—the Beacon, that features a grotto lounge, state-of-the-art-fitness center, billiard room, great room, poker room and a two-acre park with a dog run. Its promotional material touts it as “resort living in the city.” The former hospital turned luxury condo with eight buildings and two million square feet, also boasts a 24-hour juice bar, numerous tiki bars throughout the property and a movie theater that serves up fresh popcorn.
Like any building in this upper demographic, the Mercury at the Beacon, features a 24-hour doorman/concierge, an indoor and outdoor pool, a landscaped courtyard and a parking garage with direct elevator access. The neighborhood is slowly transforming itself and luring young professionals from Manhattan and Brooklyn.
“The neighborhood is up and coming, but it doesn’t matter, once you get inside you are transported,” says Baris. “It’s like an oasis. You feel like you are in another time.”
You’ll find a fenced-in private beach at the Grand at Diamond Beach on Atlantic Avenue in Cape May County. The property also features a beachfront infinity tub, oceanfront spa tub, separate children’s pool, poolside locker rooms, poolside grills and a beachfront promenade.
Creating more of a cohesive sense of community in a building is one goal of the amenities package buildings now offer residents. The Grand is the 2012 winner of the Best in American Living Award from the National Association of Home Builders (NAHB).
“The Grand is an oceanfront building with resort-style amenities,” says Shelley Van Dyke, a sales representative at the Grand at Diamond Beach. “There are beach attendants and beach amenities. Another plus for us is that we’re conveniently located near other popular shore points—Avalon, Stone Harbor, Cape May and Atlantic City.”
These days, luxury condo owners are often assuming that certain amenities will be part of any purchase in a residential building. Those amenities include a 24-hour doorman and a full-time concierge service, to handle duties such as getting packages, ordering theater tickets, making travel arrangements for residents, arranging dog walking help, or other tasks.
Luxury property buyers also expect certain amenities such as a gym and a pool. These facilities used to be extras but are becoming common.
Evolving Demographics
Changing city lifestyle factors are driving certain types of amenities, such as features intended to be all-inclusive for families, which are a growing segment of the market.
Due to the substantial increase in recent years of families living in city residential buildings, certain offerings are becoming more prevalent, and common needs are being recognized. While in the past a building having a gym used to be a basic amenity, children’s playrooms have become almost standard now, says Jacky Teplitzky, managing director of Prudential Douglas Elliman, in New York.
Generally, though, the trend of many residential properties in the city is to offer more practical amenities, such as storage for bikes, suitcases and the like, as well as the requisite concierge service, Teplitzky says. “They are back to the basics, with amenities including a full-time doorman, a gym, a children’s playroom, storage, a garage and a roof deck,” she says.
Industry insiders say the market for high-end co-ops and condos (valued at $5 million or more) set a fast pace in March and April, appearing to lead to inevitable price increases. A large percentage of the housing demand is being driven by foreign buyers. For some brokers, a large percentage of their buyers of high-end residences in the city are coming from overseas, including from places such as the United Kingdom, Argentina, Chile, Venezuela, Columbia, India, China, Russia and increasingly, Brazil.
“A lot of these luxury condo buyers in New Jersey are professional athletes,” says Baris. “But believe it or not we get a lot of Indian royalty and some very wealthy Russians.”
Most of these foreign buyers are using a New Jersey address as a second home/investment, since they believe in the integrity of the United States real estate market. For many of these buyers, amenities aren’t as important as for families that will be living in a building year-round. But both groups of buyers are eying similar types of properties—those with three or four bedrooms. They also are considering the location of a property when they are mulling it.
“The bulk of the buyers at the Grand at Diamond Beach are people looking for a second home or investors who rent out properties,” says Van Dyke. “But we’re finding that most of our current owners want a second home at the shore, a vacation home they can drive to versus boarding a plane and flying to a vacation destination.”
Amenities for residential buildings throughout New Jersey have evolved quickly over the past several years. Ten years ago, the rooftop deck or lounge was the cool amenity, then gyms became the next thing, but they were small at first. Five years ago, the residential building gyms started to become much bigger.
Amenities change as buyer’s tastes change. Today, buyers are more value-conscious than ever, and they want to get the most for their money.
Jonathan Barnes is a freelance writer and regular contributor to The New Jersey Cooperator. Staff Writer Christy Smith-Sloman contributed to this article.
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