Categories: Hoboken Condos
Hurricane Sandy Changes the Hoboken Real Estate Market
We’ve had floods in Hoboken before and many buyers ask about flooding when going out looking at properties but we have now entered a whole new universe when it comes to Hoboken real estate. Deals that were scheduled to close have been postponed, banks are pulling approvals and buyers are having second thoughts.
Few smart agents are going to recommend that their clients list their place for sale when the lobby of the building is under construction, there are guys walking around in hazmat suits and there is debris piled up along the streets. Inventory is likely to stay low as a result for at least the rest of the year.
How many new buyers, especially those from out of town, do you think are headed to look in Hoboken after the recent media coverage? Will buyers be enticed to purchase in buildings that were partially submerged and, even if they can overlook the damage and have faith that repairs will be made, do you think they will be willing to pay the same price they would have paid pre-Sandy? I’m already seeing buyer re-negotiate purchase prices based on storm damage to common areas and fear of special assessments. Homeowners and condo boards are surprised to find that flood insurance doesn’t cover all that much, especially in basements, garages and lower levels.
Questions are plentiful and answers few. Now, more than ever, it’s so important to use an extremely qualified, knowledgable, experienced, local agent to help you through the process regardless if you are buying or selling. If you’d like to speak with us about how and why we can best help you navigate these treacherous waters (no pun intended) please give us a call.
Market Still Shows Strength Due to Lack of Inventory
Some important points to note:
- Sales prices remain strong
- Activity was also strong but won’t be in November
- The 2 bedroom market – wow!
- Things sell pretty much at asking price – no more ‘low ball bids’
Check back tomorrow for some interesting graphs.