Categories: Hoboken Condos
The July results are in and the party continues. Prices for Hoboken condos are up almost 10% across the board over last year. Those condos are selling twice as fast as they used to. The number of units being listed is up but so is activity so inventory remains extremely low. To me, the most interesting part is that lending standards have remained tight. These buyers have real money to put down and I’m seeing more and more all cash deals. This does not translate into a bubble. There is no artificial demand here – just real buyers with real means to pay for what they want.
For all the whining over the changing demographics of Hoboken which supposedly “forced” Maxwell’s to close, activity like this is a fantastic benefit for the Hoboken economy. People with money live here, raise their families here, spend their dollars here and are invested in the community. I will miss Maxwell’s as much as anyone but successful businesses are those that understand the needs of their target market. I bet that sales are strong at the new Baby Gap. Now if only we could convince all these Hoboken condo owners to register to vote in Hoboken.