2012 Apr 10th

The March Hoboken Condo Sales Results Are Here!

The long awaited results are in and the numbers show much of what I’ve seen and have been talking about here for the past few weeks. What I find of note in this month’s results is as follows:

*Absorption rate refers to the number of months it would take at today’s pace of sales to sell out all the current inventory.

Now take a look at this March compared to last March:

Finally, when broken down by bedroom size I note:

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  1. Andy

    Thats fantastic news. I think alot of investors are coming back in general. People who were smart and saved the past few years are sitting on piles of cash and mortgage rates are still low. If I wasn’t buying a vacation home I’d be buying a 2nd condo in Hobo to rent out. From an economic view, my condo is now Mtg + taxes 100% covered by market rental rates for 2Bd. That’s a big motivator for investors looking at generating a cash positive flow in a very short timeframe.

  2. Craig

    The wife and I have been keeping an eye on the 3 bedroom market as that’s the next logical step for us. The ones priced to sell in the $650k-$850k range are moving at close to asking and at times a bit over, so that seems to be the sweet spot. But once you hit the $900k mark and above they are mostly not attracting multiple offers, and with few exceptions are lingering on the market. The $1.9 million unit at Garden Street Lofts in particular has been sitting for over a year and will continue to do so until they come to their senses.

  3. Lori

    Once you are in the over a million market, buying a brownstone becomes a very attractive option. It makes those top condos have to compete with private homes. The Garden Street unit is being sold by the developer – not an individual seller. They have very different motivations and economics.

  4. GT

    Not true the garden St Loft unit is represented by Hudson Place Realty…Nice unit but kitchen is a bit small for the space and ask

  5. Lori

    No – the seller is the developer.

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