Here is a map of what Hoboken condos sold and where they were located. Fill out the little form to see the map:
It’s broken down as follows:
- Red bubbles = 1 BRs under $350k
- Red bubbles with a dot = 1BR $350k and over
- Green bubbles = 2 brs under $500k
- Green bubbles with a dot = 2 brs $500k and over
- Blue bubbles = 3br or bigger under $600k
- Blue bubbles with a dot = 3br or bigger $600k and over
These are sales prices for deals that closed since Jan. 1, 2009.
Here’s what I notice:
There are very few “dots” (higher priced units) west of Adams between 2nd & 7th but lots of solid bubbles.
There are “dots” along the water but also solid bubbles – all those older walk up buildings mixed in with new renovations.
There are “dots” all the way back to Jackson Street along the southern end of town (Newark, Observer, 1st & 2nd Sts). Lots of new, high-end construction.
There are “dots” but very few solid bubbles around the 9th St. corridor on the west side and along Adams, Grand and Jefferson above 9th St. Again, new construction concentrated here.
The eastern half of midtown is a mix as the condition of housing is a mix.
So my take is that people will travel away from the water and the PATH – if it is worth the trip in terms of quality, but with limits as to how far they will go. It’s uncertain how much the presence of the light rail stops at 2nd and 9th help but they sure seem to matter.