2014 May 9th

The April Hoboken Condo Sales Results

Here is the April chart for Hoboken condo sales results:

So what do all these numbers mean?  Here is my take away:

Looks like we’ve hit a little plateau.  Sales are down slightly in absolute terms , prices are down slightly, but not price per square foot.  Maybe this month had more smaller units closing in the mix.  Look at the discount off list – it is negative again.  Don’t think you can bargain for the better properties.  Someone is standing right beside you ready to pay full price or better.  Activity is still way down compared to last year.  There is still not enough supply to meet demand.

In the past 6 months, I took a look at bigger 2 and 3 bedroom sales in modern (elevator, parking) buildings.  More than half sold at or over full price.  There is still stiff competition out there if you are a buyer.

  1. Craig

    Lori – would you say the Hoboken market is back to where it was before the bubble burst…or do we still have a ways to go yet? As an aside, I think it’s nuts that each extra bedroom comes at over a $200k premium as you proceed from 1 to 2, and finally to 3. Once you start approaching that $900k mark for the typical 1400-1500 sq. ft. Hoboken 3BR, a McMansion in the burbs with land and a pool starts looking like something one has to seriously consider as an alternative for that money.

  2. Lori

    Yes, I believe the Hoboken market is back to “pre-burst” status. As one who both grew up in the sterile suburbs and commuted from there into the City for years, I personally would pay ANY price to avoid that nightmare of a life. I suspect I’m not alone.

  3. Craig

    I grew up in the sterile burbs as well (Westchester County, NY) and I sure as hell don’t want to ever go back. The Mrs. was born and raised in Manhattan, so as far as she’s concerned Hoboken is the suburbs and it’s as far away from the City as she will go.

    The problem is, if we ever want to upgrade to a 3BR I fear we are now priced out of Hoboken. Even with the healthy equity in our current place, we don’t see ourselves committing our disposable income to the mortgage on a $800-900k home if we’ve got a kid to put through college. While we could technically qualify for a such a huge mortgage, who wants to be house poor? That’s the only scenario I can see forcing us out to the burbs – kicking and screaming, mind you.

  4. Lori

    Maybe it’s time to be consider places like Jersey City Heights, Weehawken, or the Bronx and Queens. How do you think Hoboken, Downtown JC, Brooklyn and Astoria got so popular???

  5. Peter Kim

    Lori, the problem with those neighborhoods is that they are less “urban” — less walkable/bikeable, more car-oriented, etc… and you have to have a bit of faith that these areas will gain shops/restaurants/services that cater to your needs.

    We lucked out in buying a place in Hoboken last fall but if that didn’t happen, we’d probably just move to a more affordable city where we can actually live in the city because the suburbs are pretty much the same everywhere. There’s no point in living in the burbs in the NYC metro area unless you’re in a career which is heavily tied to NYC (which fortunately, I’m not).

    Some other cities I like, wouldn’t mind moving to at some point in my life, and are relatively urban/walkable are Boston, DC, Philly, Cleveland, Chicago, Portland. I’ve lived in Boston, DC, Chicago and Cleveland — I think Boston and DC aren’t that much cheaper than NYC now so maybe those aren’t worth considering if you’re trying to significantly cut down on the cost of living.

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