2011 Aug 7th

The July Hoboken Condo Sales Results – A Few Surprises

Faster, Closer & For More

The news for July is threefold and I have highlighted the relevant stats below in pink.  I just happen to like pink.

Days on market dropped down to 47.  That is historically an extremely low number.  Properties are selling faster.

The discount off list is under 3%.  That is also very, very close to asking.  As close as it’s been since the peak of the market.

Finally, the price per square foot and average sales price are up.  Properties are selling for more.  Especially 3 bedroom properties.  I don’t think I’ve ever seen the price per square foot of 3 bedrooms exceed the 2 bedrooms since I’ve been tracking it – and that has been for years.

  1. morally_right

    What’s happening now and the effect on investment banks will change real estate prices meaningfully in Manhattan and that means the surrounding areas will get hit even worse. Just my 2 cents.

  2. Tiger

    anything can happen morally_right, but everyone was surprised on how well the area held on after the meltdown of Lehman brothers. Money magazine named Hoboken the #2 place most likely to get hit, and it hasn’t.

  3. morally_right

    When banks were saved, that prevented the area from getting hit? But now that these banks are very overstaffed and getting crushed, they will be shedding bodies. If the loss of Wall St jobs doesn’t hurt the real estate market here, then nothing can take Manhattan and Hoboken down! I wouldn’t want to bet on that outcome though…

  4. Tiger

    There was indeed a massive job loss on Wall Street back in late 2008 early 2009, but as we observed, it didn’t hit Hoboken as hard as everyone expected. In my humble opinion Hoboken’s working force is much more diversified than people think it is. Finance yes, but there are a lot of pharma professionals, IT people, doctors, lawyers, and many others.

    Now again, I am aware of the cascade effect and even potential catastrophy, but I am also (cautiously) optimistic that we will make it through this mess.

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