North Jersey condo market shows signs of life

via Kathleen Lynn at The Record

At the Trio condo high-rise in Palisades Park, units are again for sale after years of being offered as rentals.

After an investment company, MWHF Palisades Park, bought the property, it rented out the 71 unsold units rather than try to sell in a weak market.

Now, MWHF is offering the units for sale, betting that demand for condos is on the rise as the overall real estate market gradually recovers.

“They were waiting for a turnaround in the real estate market, for a time when there was high demand for condos,” said Jackie Urgo, head of the company that’s marketing the condos. “Now that interest rates are at historic lows, demand is up, and they’ve decided to re-market Trio for sale. They have an eye on the market, and saw the potential and said it was the right time.”

While the condo market is still not thriving, there are signs of new life. Sales of condos, co-ops and town houses in Bergen County rose about 13 percent in the first 10 months of the year, compared with the same period last year, according to data from the New Jersey Multiple Listing Service.

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Trio’s owners hope that the demand is growing now. The luxury buildings were constructed by Tarragon Corp. of New York on a slice of land behind busy Bergen Boulevard. They feature floor-to-ceiling glass windows with views — depending on location — of the New York skyline or the Hackensack River Meadowlands.

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