On the famed Morristown Green, 40 Park is quickly approaching its fourth story of what eventually will be a seven-story building featuring 60 luxury condominium homes and 13 magnificent penthouse residences, while steel is rising for the garage and retail space at the adjacent Metropolitan at 40 Park, a 130-home rental building.
Near the Train Station, the widely-supported Highlands of Morristown Station transit village development is speeding along, with 217 upscale rental residences far enough along to be on schedule for a May lease opening, 8,000 square feet of retail space currently being framed and a five-story public parking garage scheduled to open in early summer.
The celebrated conversion of the Vail Mansion into a 36-home luxury condominium community has been completed, as is construction of an enclave of nine new multi-level townhomes on DeHart Street.
Morristown’s new residential developments are also experiencing a high level of success few locations can claim in today’s marketplace.
An impressive 50% of the 73 residences at 40 Park have already been sold, just three condominium residences remain available at Vail Mansion, and the last of the nine townhomes at DeHart Place was recently sold. And potential future residents are already placing their names on a VIP Wait List for the luxury residences at The Highlands.
Why is Morristown fairing so well despite a downturn in the overall housing market?
“First and foremost, there continues to be a strong desire by the public to live here, both young and old,” notes Debra Tantleff, a Vice President at Roseland Property Company, which is developing 40 Park, Vail Mansion and The Highlands with joint venture partner Woodmont Properties.
“There’s so much potential here being tapped into which is resulting in significant community-wide improvements. It’s a unique scenario in which you start with an existing residential setting rich in culture, character and convenience and then enhance those attributes with smart, well-conceived redevelopment efforts that improve the quality of life for both new residents and the community at large. It’s a formula that can prove successful in any market condition.”
Tantleff also points to the decline in interest rates as a key contributor to the recent uptick in homebuyer traffic at the 40 Park Sales Center.
“We’re looking at mortgage rates that were unheard of even a year ago,” she points out. “It’s made a big impact on potential purchasers who see this as a fleeting, opportune time to buy.”
That sentiment is shared by well-publicized analyst Jeffrey Otteau of Otteau Valuation Group who recently suggested that “the housing market is likely to bottom out in 2009 as credit restrictions loosen with a full swing recovery forecasted for 2010.”
“Mark my word, 10 years from now, people will look back at the first half of 2009 and say, ‘That was the time to buy’,” Otteau said.
Back at the Morristown Green, 40 Park has also benefitted from an ability to offer residents an in-town living experience coupled with the exceptional amenities and services of a new, upscale building.
A wide variety of one-, two- and three-bedroom homes are available, with prices starting from the mid-$500,000s to more than $1 million for the Signature Residences and from $1.3 million to $2.2 million for the penthouses. The penthouses will include extremely large private terraces of up to 1,800 square feet of desirable outdoor space.
Residents will also enjoy a number of private recreational amenities located within the building, including the elegantly-designed Park Center which features a lounge area with a fireplace, big screen TV, billiards table and a catering kitchen. There’s also a fitness center with state-of-the-art carirdiovascular and weight-training equipment.
There’s also private, secured parking for residents, while 55,000 square feet of high-end, boutique retailers and restaurants will complement the downtown, pedestrian-friendly setting.
For more information on 40 Park, please call 973-359-0010, or visit the website at http://www.40park.com. The community’s Sales Center is open seven days a week from 10 a.m. to 6 p.m. and is located at 20 South Street, Morristown, NJ 07960.