Did You Know Hoboken Real Estate Hit Bottom Months Ago?
Just the other day I presented an offer to an agent in town on behalf of one of my buyers. There was a very recent sale in the same condo building. The active listing was listed at about $515 per square foot. The sold unit was a little bigger, had essentially the same upgrades, kitchen and bath, and included deeded parking. The active unit was being sold without parking. The comp sold earlier this year for about $450 per square foot. Simple math ($450 per square foot of closed comp X square footage of active unit) resulted in my buyer’s offer price.
When I presented the offer I made it very clear how we arrived at our number and was sure to mention that this unit had no parking. The listing agent presented the offer and came back with the response that the Hoboken market had reached bottom several months ago and now we were in a much stronger market so the closed comp didn’t matter. I asked the agent if she had any actual evidence, statistical or otherwise to back up her assertion. She told me that deals were falling apart all over the place before the holidays but now they are not. So I guess her say-so makes it true.