2008 Jul 28th

Condo Sale Prices – Manhattan vs. Hoboken

How does Hoboken Compare to Manhattan?

A big part of the reason Hoboken condo prices and the Hoboken real estate market in general has been and remained solid is because of the influence of the Manhattan real estate market’s strength. Here is a very informative visual tracking the two real estate markets performance, by way of average sales price, since 2000. The Manhattan figures include both condos and coops.

This chart shows the spread between the average sales prices in the two markets:

Here are the numbers:

It’s interesting that the most current drop is due, not to a decline in Hoboken condo prices, but to a drop in Manhattan prices.

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  1. Pat G

    Thanks Lori.. my takeaway is that around 1Q05, manhattan started to break away from the traditional spread so even if manhattan falls off, hoboken should experience less of a decline (if any). Manhattan coming down (likely) would just get prices back to their traditional spread. A more optimistic way of looking at it is this would be: if manhattan flat lines at the current level, it would suggest that hoboken prices have room to increase and get the spread back to its traditional 500-600k. Who knows?

  2. Lori

    No problem. I agree with you. NYC may have had the spike in prices due to European money. We haven’t seen as much of that here in Hoboken.
    – Lori

  3. JC

    Its so difficult to gauge the Manhattan market with all of these $50 million sales that skew all the data. What is apparent to me is the more expensive Manhattan gets Hoboken will simply look to have that much more “value”.

    If folks want to live in more than a box and dont want to spend $800k, then they must move to where the value is. Sure, you can find a co-op that is more than a box, but then one would have to deal with the formalities of a co-op board and its financing obligations.

    Sure, Brooklyn, LIC, Inwood are options too…..but why not come to where there are no city income tax and the view is better!

  4. anon

    The price spread is greater, but the percentage is exactly the same. So I would except declines in both manhattan and hoboken.

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