2009 Mar 2nd

The Hoboken Condo Market – The February Results

By Lori Turoff – [email protected]

201 993 9500

Hoboken Condo Sales at a Stand Still

If  there is any single statement I could make about the Hoboken condo market it is this – Hoboken condos are simply not selling.  For the month of February 2009 we have hit a new low of 18 condo sales (on the MLS) for the entire month.  Since I started tracking these stats in 2000, the next slowest month for sales was back in February of 2001 when there were 24 sales.

Hoboken Condo Inventory Continues to Build

The corollary to this is that inventory continues to pile up.  We have over 500 condo units listed on the MLS for sale in Hoboken.  It was just in the beginning of 2008 when that number was closer to 150.  The huge spike in inventory, not surprisingly, occurred around September of this year.  The trend shows no signs of abating.

Live Post-Lehman is Just Not the Same

What does this mean?  It’s pretty simple.  Buyers are scared.  They are staying out of the market or they are making offers lower than sellers are willing to accept.  Sellers are still pricing their properties way too high.  There is no meeting of the minds.  I feel like I’ve been saying this every Wednesday when I post the Weekly Wednesday Wrap Up.  Nonetheless, it is worth repeating yet again.  Until sellers come to terms with the new market values, their condos are going to sit unsold.  This is not what those sellers want to hear – especially the ones who bought in 2005 and later.  They are going to take a hit.  When the prices drop to the proper levels, buyers will respond.

The Hoboken Condo Market February Results:

So What Is the Good News For Hoboken?

To date, we have seen almost no foreclosures and very few short sales.  There are not abandoned properties on every street as there are in many other cities.  We have an extremely important local election coming up in less than 70 days.  The outcome could have drastic affects on the Hoboken real estate market.  Things could change.  Let’s hope it’s for the better.

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  1. D$

    Wow…I’m speechless. Those numbers really speak for themselves.

  2. JF

    Lori,
    Hoboken sellers are chasing the market DOWN. Real estate, especially in this market, that is over priced,will languish on the market causing a negative feed back loop that will pull the market lower.

    2005 prices are not coming back within the next 5 years. Sellers will not price to where a property will trade unless they are forced to. Job losses will take its toll and as a neighbor has to get out of their condo, they will price it to sell and the comps will be reset:rinse..spit..repeat.

    As Lori has said many times on this blog,”When the prices drop to the proper levels, buyers will respond.”

    For the purpose of full disclousure: I am short Hoboken Condos and long ballons as that’s the one thing I know is selling in the Hoboken market.

  3. FAP

    Anyone who watches the PATH from 6am to 10AM can tell you Hoboken is a bedroom community for NYC and with many law firms and financial firms laying off or not hiring I wonder what will happen to the rental market when the wave of new renters doesn’t materialize this summer.

  4. Ari

    I’m not sure what will happen to the rental market, but it will certainly effect sellers. If the rental market tanks in Boken…then all those people who are refusing to budge on their asking price b/c they think they can rent their place and wait out the market might change their tune.

    I’d be curious to see a breakdown of renters in Boken. What % are in school stuffing into the cheapest converted 2BR on the market; young professionals starting out, or people 5-10 years out of school who don’t feel the need to live in NYC anymore and want a cheaper alternative.

    Sure, the rents will be cheaper in NYC which might cause some folks to stick around in NYC, and I can see the kids right out of school deciding to live at home…but given the economy, maybe more people will actually want to come to Boken from NYC to save some cash?

  5. dkzzzz

    With tax increase coming to Hoboken this year how could land lords LOWER rents unless they own their condos out right?
    I think we will see more short sales and foreclosures this year.
    1br-1800
    2br-2400
    3br-3000+

    Unless you bought 10 years ago you are upside down and rents would not cover your mortgage + taxes + condo fees.

  6. homeboken

    dkzzzz – The rents will drop because the demand is eroding. One of the key tenets of this market that is just starting to come to the forefront is mobility. Renters have the ultimate mobility, if my landlord chooses to raise my rent, I can leave within 1 month and move to a place that is more suitable to my income level.

    This mobility is also a key advantage with employment. If I lose my job, then I am able to expand my potential job search to cover the entire country. Whereas an owner must consider the commute from their house OR they must sell their house in order to relocate.

    Mobility is a key.

  7. Mark

    I know that one case isn’t much to talk about but…

    My mom lives on garden, close to path, nearly the perfect location for everything. There is 1 bed in her building, huge, at a very reasonable price (low for the space) – it has been two months vacant and very few people showed up to check it out. Last year this place would go in an hour (catfight included)

  8. Lori Turoff

    I don’t work much with rentals but I have noticed on the MLS that there are a large number of rentals available in the luxury buidings like Maxwell Place and Hudson Tea. Perhaps investors who thought they would flip for a profit are holding & renting instead. I’ve also noticed that many of the prospective tenants for these high end properties see them as an alternative to Manhattan.

  9. Eustace

    I sold my condo in July of last year. Market was in down phase, but still before the September decline. Even at that time, I had to price my unit better than any of the other listings in my building.

    If I decide to sell my condo, that means I want to sell. I don’t want to deal with showings, openhouses, etc for 6-12 months. Who wants to live like that? I don’t understand how sellers could allow their life to be in ‘limbo’ for so long, hoping for an offer.

    Unless the 500+ listings are all from investors, usually if a homeowner wants (or needs) to move, they move. If you let your condo sit for 6-12 months, I guess they don’t really want to move and are just feeling things out? I don’t really get it.

  10. Tiger

    Eustace, unfortunately yes, this is a trend in Hoboken. When I was looking for a condo I noticed many seemed to be more of ‘feeling the market out’ than actually being committed to selling. I guess with this new market, more sellers are doing the same.

    How rents will go is now up in the air, it could be downward (less people can afford to live in Hoboken), it could be upward (more people not wanting to buy + NYC peeps being conservative with their money), or it could simply even out.

  11. DKzzzzdkzzzzdkzzzz

    Craigslist for rent offerings are as slim as ever. I don’t see a surge of cheap rentals as of yet hitting Hoboken. May be it is coming this summer, who knows. As of now, prices on rentals seem to be steady. I honestly see more decline in sale prices than rents.

  12. Tiger

    That’s a very good point DKzzzz. CL shows over 400 entries, however, most of those are ‘Jersey City Heights near Hoboken lightrail’ or ‘West Hoboken’ (i.e. Union City). I think we’re heading back the early 2000’s, when owning (for those who could) was a much cheaper option than rent on monthly basis.

  13. Eustace

    I guess so many sellers just “feeling things out” is reflected in the “not that serious in selling” condition of their condos.

    I cringe when I see some of the pictures on the listings. It doesn’t even take much to turn your condo to ‘show condition’. Rent a storage unit and de-clutter. Repaint the weird purple (sometimes blood-red) wall to a neutral color. Get a slipcover for that old sofa. Some new bed linens, towels, pillows, shower curtain, window curtains, candles, etc.

  14. Lori Turoff

    I’ve seen craigslist rental ads where a particular realtor placed a separate ad for every single unit in a large rental building, and placed them all under “Hoboken” although the building was in Jersey City. If this isn’t abusing the system I don’t know what is. Of course, I flag them for abuse when I see them. Don’t know that it does any good. I guess these guys aren’t busy with customers (no surprise there) so they have time to spend all day on craigslist reposting in the wrong categories.

    I’ve also seen photos taken by realtors and placed on the MLS that are fuzzy, out of focus, shots of the toilet bowl, dark, have a ton of clutter in the frame, show all the dirty dishes in the sink, etc. I’ve seen MLS listings (which let us put up a max of 9 photos) with only 1 or 2 photos. What is with the owners of these properties? Do they not realize that someone is not doing their job or doing it very badly?

    Finally, you have to empathize with the seller who is honestly upset about the very real possiblity of losing all his or her equity. When a young person works hard and saves money for a nice deposit, buys a home to live in and does everything right and then for some reason has to sell and has the rug pulled out from under him or her by the market it is not a happy moment. Not happy for the seller, not happy for me being the bearer of bad news. In my experience, this emotional upheaval often prevents the seller from facing the hard truth of what may be necessary to get the place sold. Since comps don’t mean much in today’s market (when nothing is selling), how do you know what the “right” list price is? Isn’t it understandable that the seller may be overly optimistic about the market value of his or her home? How do I tell them they are wrong when we are really operating in a vacuum right now? It’s not an easy place to be.

  15. Mark

    This all seem like a catch 22, any ideas on what would it take to get this moving (except obvious 20%+ price cuts)? It seem the prices were claiming up for the past 10 years, is Hoboken perfectly lined up with the RE cycle?

    Anyone have the data for the past say 20 years? Though Hoboken isn’t the same, so maybe not much value in those…

  16. stan

    lori,
    you hit the nail on the head. When i see a place online with no pictures, ot only a few, I am less inclined to go see it, in fact I never would, I would just assume its a dump. As far as th fuzzy pictures, I mean c’mon, have some pride and get the job done right. If someone can’t take enough time for the pictures, imaging the rest of the place….

  17. Ari

    Mark, the Catch 22 ends when businesses stop laying off people. When workers feel secure, they’ll be willing to put down roots and take on a mortgage.

    Till then, the only folks buying homes will be those with plenty of cash on hand; those who smell a bargain and are willing to take a chance; and those who do bankruptcy law or work at the distress desk in finance.

  18. Tiger

    Ha! Let’s have fun with this. I had my share of sketchy places while looking for a condo. here it goes (Countdown – my top 5);

    5- Too Much Furniture: I once saw a full dining area, full living room, full bedroom, plus extra furniture (chest / side chairs)… all stuffed in a 612 sq ft apartment. Every piece was pristine to say the least! But, I had to move sideways to go around the dining room! And God knows I’m not a big guy at all. This condo stayed on the market for months, I wonder why.

    4- Overstuffed/Unorganized closet: Seriously, I am going to open the closet to see closet space, I like your use of space, but can you please fold your shirts neatly? Also, you might wanna send some of that to the Shelter on 3rd and Bloomfield. I don’t know what you’re thinking, but the ‘bro’ shirt and acid washed jeans are not cool. AT ALL.

    3- Inappropriate Items in Closet: Ummm… I never met you lady, but I feel like I know you sooooo well! This made me want to invest in Victoria Secret stocks rather than buy real estate ** Tiger blushes **

    2- Undone bed: Seriously, BRO? Seriously? I got over the typical leather sofa with the beer cup-holder, then 60 inch plasma tv (that made your nice living area look microscopic, btw), but seriously bro, why am I looking at your offwhite sheets (at least I hope they are offwhite) and your comforter tossed on the ground, also why did I trip on a single sneaker tossed right at the door of the bedroom?

    1- NUMBER ONE: CLEAN YOUR APARTMENT! FOR GOD’S SAKE! Nothing says ‘buy me’ like a condo which has dust all over the corners, visible mousetraps, dirty counters, dishes in the sink, stink, and (one time — not kidding!) a dog that did his business inside the condo. Had me reaching for my checkbook fast — I mean door.

  19. BC

    These are some interesting points you all make about the seller vs. the renter. I moved to Hoboken 2 years ago to get a feel for the community in hopes of purchases my first condo. Since I’ve been here I’ve fallen in love with this beautiful community. However, I’ve also had the uneasy sense that something was about to POP and have never pulled the trigger. Like many renters we are just waiting for someone to show me something that makes sense. It’s been 2 years and I’m sitting on my 20% down, credit and assets. I even update my preapproval just so I get involved in something that looks affordable.

    Call me a rocket scientist but just using simple rent guidelines might help sellers “right price” there place. If I’m apprehensive to buy in this market and rent a 2 bedroom for $2,800. Why would I buy the same unit, in the same type neighborhood and deal with a total nut payment of $4,200 a month. Does that make sense to anyone? Even with a tax break and the huge question mark of equity. Well no it doesn’t. Bingo here lies the answer. Think about your target audience and not yourself.

    My other major concern, which it seems most of you share, is that I feel the buyers, sellers and realtors’ are placing some unnecessary pressure on this market. Doesn’t anyone put any work into matching buyers and sellers in the real estate market. It’s almost like dating in Jr. High School. Pretend you don’t like them will make them like you more. Every open house I’ve been to in the last 2 years I get a laid back, devil may care attitude from the retaliator. We’ve dropped offers and had people stonewall us on a $3,000 split. And we’re talking $500K plus reasonable offers. As a seller it sure would be nice to get some straight talk from both sellers and their realtors. Not everyone is looking to screw everyone in this market. Honestly, I just like to be treated with a little respect as a potential buyer. Work with me don’t hate on me.

    Just my opinion from a potential buyers point of view. Just looking for a reason to buy your place. Not a greedy one.

  20. patk14

    BC, I visited a 2-bedroom about 2 years ago. I had already figured that the mortgage/taxes/fees would be over $4,000 if I put 20% down assuming that I was able to negotiate a slightly better price than what was offered. I casually asked the realtor what a similar unit would rent for. She gleefully told me $2,800 as if it were a selling point and said she’d handle the rental herself if I decided to go that route. The only possible rationale for buying then was that the unit would rapidly increase in value offsetting the carrying loss. Now, fast forward to 3/09, why in the world would someone buy a condo that is clearly falling in price that they have no possibility of renting anywhere near break-even?

    As for rising taxes forcing rental prices upward. I seriously doubt that. It is irrelevant what the owner’s costs are or how much he financed and at what rate. The rental market is determined by willing renters and willing landlords. Just because you have high taxes and only put 10% down and have a huge mortgage payment clearly does not mean you can rent for a higher price so that you can your magical break-even. The market will reject those thoughts. NYC’s rental prices are declining and so will Hoboken’s. Potential renters have less job security and lower incomes than last year.

    Lori, you have sympathy for those who bought at the peak. I have none as they were taking a large leveraged risk in the pursuit of greed and have been burned as a result. You provide excellent advice that sellers need to reduce their asking prices now and get ahead of the declining curve to attract buyers. Some sellers will thank you for that advice in a few years.

  21. Lori Turoff

    Hoboken’s rental market is a bit strange. We have many buildings bought back in the day when $45K could get you 10 units on Willow or Park. Those landlords can afford anything. We also have rent control. So there are some non-market related forces at work. I think there are really two rental markets in Hoboken. The high-end luxury rental buildings (that were mostly built to be sold as condos and then turned into rental at the last minute) and the low-end, cheap place to live rental buildings from the old days. I don’t know if they behave the same way. The landlord who owns a high priced, new construction condo is not working with the same numbers as the landlord who has owned his building for 40 years and rents to college boys. Then there is the subsidized housing all over town. What happens if Church Square or Marine View goes market rate? My point is that you just can’t lump it all together into one market.

    As for rent vs. buy – what if you’re lucky enough to be sitting on a chunk of change, maybe from last year’s bonus, so you have a sizable down payment. And you’re earning 6 figures. What do you do with that money that gets you any sort of decent return? What are your other options for sheltering some of your income from taxes besides a mortgage deduction? Just pointing out that a lot of the decision depends on your personal circumstances and that there is no one right answer that fits everyone.

  22. LynneF

    I am one of the 18 sellers who sold an apartment in Hoboken last month. The only reason this happened was because our unit showed very well (decluttered, repainted, and beautiful photos), we had a great realtor, and we priced our unit below lesser units. Anyone who seriously wants to get out from under their condos now must have ALL THREE of these things. HobokenRealEstateNewsn.com was helpful in figuring out this formula for success.

  23. JC

    I’m responding to Lori’s last paragraph about buying an investment property to shelter income. Its my understanding tax benefits disappear for those that are not real estate professionals and make more than $100k. The amount you can write off decreases each dollar you make above the $100k mark and totally phases out at $150k. Isnt this true?

    For those making less than $100k you can write off up to $25k in real estate losses. So if you are lucky enough to perfectly break even, just depreciation alone could get you back a good chunk of change. If you write of $25k in losses you will most likely get back around $6250 if your in the 25% bracket. Thats $520 a month less in rent you can bring in and will still break even after taxes are factored in.

    Lori, you mention real estate would be a good investment for those making 6 figures, but clearly there are disadvantages to making anymore than $99,999 and owning an investment condo. Or, were you just simply saying you have a good income so you can qualify for a mortgage?

    I’d appreciate any advice on why I should buy an investment condo if I make 6 figures and cant quite get my monthly nut at or below my potential rental income. I know I can carry these losses forward but that doesnt help with current cash flow.

  24. Lori Turoff

    JC – Sorry if I wasn’t clear but I was talking about a scenario where the person would buy to live in the property as a primary residence as opposed to renting (which related back to earlier rent v. buy conversation in this thread).

    If you buy the property for investment purposes and rent it out you have to declare the rent as income. The goal in my mind is not to have an investment in real estate to create a loss and a tax shelter but to generate positive cash flow. I would not suggest buying an investment property if you’re not going to be cash flow positive at least within a short period of time. Generally that means a big down payment. I know, the opportunity cost of the money, etc., but my bank is only paying 2.5% interest and the stock market is not always a sure thing. Hope this clears up the issue.
    Thanks!

  25. patk14

    JC, I believe Lori from referring to the mortgage interest expense write-off and for people to buy versus continuing to rent. But the full deductibility of interest/local taxes declines as you earn more thru the AMT.

  26. Q209 Buyer

    I agree in part with all the past few entries here about renting vs. buying in Hoboken. Even if there are caveats in Hoboken’s renal market, I still like simplifying thing to get a macro prospective then using that as a base for forming opinions on individual properties. patk14 – I do agree with you that in general, rents are primarily determined by the basic supply and demand principals. Based on the fundamentals, I do not see rents increasing in the short term and potentially decreasing. This is going to be interesting to watch over the next year as we continue to see layoffs in NY, financial companies shrink in size and bonuses wither away. Here is another example to illustrate, in my opinion, where we need to be on an average 2 bed room in Hoboken using the rent vs. buy logic. I would be in inclined to back into price using assumed variables: Using the $2,800 monthly rental figure used above, subtract taxes and maintenance of $750 and $300, respectively. This leaves you with $1,750 for a mortgage payment and a total mortgage amount of about $320K using a 30 yr fixed @ 5.15%. With 20% down, this is a value of ~$400K or ~$381 psf (assuming 1050 sqft). The average Hoboken property still has a ways to go based on this method. I believe that we will settle in the sub $400 psf range for an average home when that elusive “bottom” is reached. We have already seen a few properties in the sub $400 psf this year including 402 Monroe, 109 Jackson, 68 Monroe and 536 Grand. Yes, I know these may be considered sub-average areas, but there are still may people trying to price units in these areas far above this $400 mark. Also worth noting, when the sample size for YTD sales is 45 units, 4 sales represents 9% of all Hoboken sales going for under $400 psf.

    Lori – In terms of thinking of the opportunity cost of a buyer’s down payment, I think that there are many better options then buying in the market. I believe that in the 5-7 year period that you will own the property you would buy today, you will be able to get a much better in many other places. You will not see the lax lending standards and other market conditions return to band-aid battered home values in the next 5-7 years. I do believe however, that an excellent opportunity will exist to take advantage of many other investments in the next 5-7 years as the stock market recovers and interest rates begin to increase. After the stock market destruction in the early 30’s the market saw some enormous rebounds in 1933 and 1935. I believe there is a good probability of this rubber-banding of the market happening again in reaction to the severe market losses this year and last year. My choice to buy (at the right price) a is based on quality of life reasons, the tax deduction (hopefully we get to keep it given pending legislation) and to take advantage of the historically low interest rates, not to invest.

  27. Lori Turoff

    Q209 I actually do agree with you in most part. I bought my first place in my 20’s purely as a place to live. I didn’t want to live in a rental building. Look at the threads on H411 about the 1000 Jefferson rental building and all the problems with breakdowns, no repairs, partying drunk kids in the hallways etc. In my experience co-op and condo buildings do not usually have those kinds of situations. So right now while I might not invest in real estate purely for an investment, I’m glad I did way back when. Now I own it free and clear and the rent more than covers the maintenance and taxes. It’s a full-service high rise in the city so I never have to do anything and it’s always been easy to rent. I just price it under what my neighbors ask and that seems to work well. Even if rents go down, I have no reason to sell it as it is still making money for me. In contrast, every – and I do mean every – stock I’ve ever bought for the past 30 years has tanked. I am a terrible investor when it comes to the stock market. Don’t like it, don’t care about it, am not good at it & don’t pay attention to it. So I guess you have to invest in what you know and where you are comfortable sometimes. Everyone is different. Some people believe in gold. Others just spend it all.

  28. Q209 Buyer

    Thanks Lori, I can’t agree more. By no means was I saying residential real estate is not a good investment. It is a great long term investment. The reason for my comment is that most people buying in Hoboken will “trade-up” at least once in their time here, making the average duration of 5-7 years more of a short-term real estate investment. The past 5 year’s appreciation was by no means the norm, but if you purchased pre ~2003, you’re in great shape (unless you refied to the hilt) and would have been a fool not to no matter what the rent / buy decision looked like. Undoubtedly, Hoboken has also seen some durable, lasting appreciation that was not attributable to the bubble through its development, increased safety, clean-up of the once industrial waterfront and promotion of the city. This type appreciation will also be hard to replicate going forward, as Hoboken is already a much more desirable place to live than a decade ago. I would just like to caution Hoboken buyers who are looking at a shorter time span to own and looking forward to a great rebound in real estate prices. As you said, to each their own.

  29. Michael G

    What we have in Hoboken is a housing tsunami getting ready to spread. This is fundamental supply and demand. As the demand is non-existent, and supply increases. This leads only to one place – panic selling. Once 20-30 people start to considerably lower prices, people will be wishing they sold for 10-20% less than what they paid

    I still say we will see a 50% correction from the top in Hoboken, and I will then be prepared to buy.

  30. Lori Turoff

    LynneF –
    I’m very happy for you that you were able to sell. It’s great to know that the info we publish here was useful to you, too. You are absolutely correct about having a good realtor working for you, good marketing, and the right price – especially compared to similar units. I’ll use your case, however, to illustrate a point.

    You listed post-Lehman and yet you still had to reduce your asking price twice. You finally sold for more than 15% off your original asking. Having bought back in 2003 when prices were substantially lower, you still make a nice profit. You are very lucky.

    Many of the sellers who bought more recently will lose all their equity if they reduce their price by 15 or 20% off what they can list for. Keep in mind that that number is typically what they paid since prices have been pretty flat for the last two years.

    Sellers end up chasing the market. I understand why. It’s a difficult position to be in and I don’t believe it was always due to greed. Many people simply wanted a nice place to live and then their circumstances changed and now they have to move. They, like just about all of us, assumed prices would not go down. We all now know that was an incorrect assumption. I still empathize with them.

  31. stan

    patk14-

    Your first paragraph is exactly why sales are at a standstill, and will continue to be until prices get in line with rent ratio’s , and incomes…

    I have the income, dp, and ability to buy right now. I do not consider myself exceptionally savvy, I just thought something wasnt right when I ran the figures. I realized in 2006 that I could do better renting than owning. Nothing has changed…things are looking better as a potential buyer, I have much more saved, but housing, especially in Hoboken, has a much further way to go.

    I would estimate we are roughly at 2005 prices now. Essentially if you purchased anything over the last four years at market prices, you are at a break even point, with further declines on the way.

    Housing is sticky, and you generally can’t get tomorrow’s price today, but I do see declines picking up, which if you are in the buyers camp, is great news. As the previous poster said, to sell your place, and they did, it better be presentable and priced lower than the competition. Your place is the new comp, and the next sale will be lower.

    Great job as always Lori

  32. Doug

    I don’t think anyone can deny housing prices in Hoboken will struggle over the next year(s). However, I can’t believe what people are saying here?!? Prices will drop 50%? The stock market will see a huge rebound? The fact is NO ONE (not even Warren Buffet or other financial experts) knows what is going to happen. We are in unprecidented time…please just have to be able to accept the unknown. For some reason the unknown scares people much more than knowing that something bad is going to happen. Fact is we have NEVER seen a market (housing, stock, or anything else) like this before…across the globe.

    I’ve been traveling overseas for work a lot and its the same exact thing everywhere else…even worse in some places like London. Please, everyone, just calm down and stop speculating. Think about it, if Hoboken prices drop by 50%, what does that mean places like Morristown, West Orange, etc. will do. All I know is that Hoboken is in a GREAT location and that is something that will not change. Other than that, its all a crapshoot.

  33. Tiger

    patk14 – No one is talking about greedy flippers or builders here, we are talking about people, just like you and me, who saved money, put 20% down, and bought with the intention to LIVE in their place, but life is never as planned so they have to sell now. Those definitely deserve sympathy, and BTW, those are they few honorable ones who will not foreclose and end up breaking even — hence they do not burden the tax system, unlike others. So I’m with Lori.

    I could have bought back in 06 with no money down and based on my current and projected income, but I didn’t, I chose to wait until I have equity, find a deal and buy it. It worked out for me, timing wise, but it could have been me buying in 06 have I had enough money for a downpayment then.

    That said though, I have met some of the most creative and inspirational people in Hoboken — we will reinvent ourselves again — remember we survived 9/11 and the dotcom bubble, and things will get better. Just keep the positive attitude :-)

    JC – I agree, ‘investment’ in real estate is over. The only reason I think someone should buy in this market is lifestyle. This of course requires a down payment, buying something you can realistically afford every month before tax incentives, and of course having an eight month emergency fund in a saving account just in case things go south.

  34. Lori Turoff

    Once again – thank you all for your comments and lively discussion. I’ll be posting the Wednesday numbers later today. Have a great day!

  35. Atlanta real estate - Ellen Crawford

    You are not alone the most recent stats in Atlanta Georgia Metro area sales of Town Homes and Condos fell off a cliff.

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