2015 Feb 11th

The January Hoboken Condo Sales Results

It’s encouraging to continue to see 10 percent increases in Hoboken condo prices over a year ago. On a per square foot basis, prices are creeping up into the 600’s and have exceeded that in the 3-bedroom category. Certainly no surprise there. Inventory remains extremely low, demand is still high for a live-able, lovable city like Hoboken. We are still competitively priced with Manhattan, which goes without saying, but also with Brooklyn and parts of Queens. What it comes down to is pretty simple. If you want to live in a place with a super easy commute to Manhattan, you are going to pay dearly for that convenience.

Here are the January numbers:

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  1. Jess

    Hi Lori, I am a Hoboken resident and a reader for a while now. I see numerous new constructions (big and small developments) around town, any idea if these will be bigger apartments? What are the chances of finding a 3-bed at the million dollar mark?

  2. Craig

    You can get a 3 bedroom in the $1MM range – but it may not be brand new construction. Something brand new might start at a little more. The Continental at 715 Grand street is new construction and had some 3 bedroom units left priced from $1.1 to $1.4. Those are the cheapest 3 BR units in the building because unlike the others, those three come with no outdoor space. Their website is no longer active, so they may be gone.

    There’s also something new going up at 301 Newark Ave. and 302 Monroe – the latter of which will have six 3 br units and three 4 br units. If I recall correctly, the developer of 302 Monroe was asking somewhere in the mid to high 600s per square foot when we inquired. You may get one of their smallest 3 br units without outdoor space on your budget.

    We were shopping for a 3 br too. But we don’t see the value in what $1MM buys in Hoboken, so we’re out of here. Off to a nearby suburb we go where we’re getting a new construction nearly 4000 sq. ft. single family home for little more than what a 2 BR in Hoboken sells for.

  3. E

    Hi Craig, if it’s not too personal do you mind sharing which suburb you’re moving to? Any others you could recommend? We flirted with the idea but we never satisfied with the commute. Thanks!

  4. Lori

    As of today, there are 16 3-Bedroom condos listed on the MLS. Of these 7 are below a million asking price. One is only 900 sq. ft. and is a 2br plus den, and another 1020 (tiny for 3 brs). All the others are either 3rd or 4th floor walkups – not great for most people looking for a 3 bedroom, and most have no parking. So you can get a 3 bedroom for under a million. The problem is most buyers want a 3 bedroom of at least 1200 sq. ft. with parking, a w/d, an elevator and central air. That is simply not going to happen in this market.

    Any suburb is an alternative with regard to value and a compromise with regard to commute. Hoboken has become so desirable and expensive precisely because of the great transportation options into Manhattan. Compared to Manhattan, Brooklyn and even parts of Queens, Hoboken is still a great value.

  5. Craig

    @E – We are moving to Rutherford. Just 7 miles west of Hoboken. It’s a good compromise for the urban dweller with its bustling walkable downtown, smaller lots with less maintenance, and some condo/townhouse/ apt. rental options if you don’t want a single family house. It has its own train station with direct service to Hoboken or service to Penn Station with a transfer in Secaucus. From where our house will be, it adds a mere 15-20 minutes to what our commutes are in Hoboken – a fair compromise for the amount of affordable living space we get in return.

    Other recommended towns for those making the transition from Hoboken who still want some downtown action in their burb are Montclair, Westfield, Ridgewood, and Cranford. All have bustling downtowns, top schools, and train stations. But if the shortest commute possible is what you want (as it was for us), Rutherford is by far the closest proximity to Hoboken/Manhattan with door to door commutes under an hour easily attainable. One huge downside to all these places is that we are all spoiled by Hudson county taxes – you can expect what you pay here to double or triple in Bergen and Essex Counties especially. But in return they offer public schools that Hoboken can’t match.

    If you do decide to go and you have a place to sell first, do yourself a favor and give the listing to Lori and Howard. I did – and they knocked it out of the park. We had two full asking price offers within 24 hours of it being listed.

  6. Peter Kim

    The premium for 3 bedroom units really is nuts. A unit next door which is the exact mirror image of mine just sold for $165k more than what I paid just a year ago, with the only real difference being that the ~1250 sq ft space is laid out as a 3BR/2BA instead of the 2BR/1BA/dining room that mine is.

    I continue to meet lots of people choosing Hoboken over NYC because it’s still a relative bargain. It’s exciting to see all the new businesses opening, especially uptown like Hudson Table, Stingray, The Little Grocery, etc. With the new residential buildings uptown starting to get occupied soon and the enhancements to Washington Street, Hoboken’s going to be even more dynamic and vibrant.

  7. Cheryl

    I also moved from Hoboken to Rutherford . It’s a very easy commute with option of express bus or train (25 minutes to penn station). We also can walk to restaurants. It’s a really great next step after Hoboken where you get alot more space , a full house, yard , great schools, and walkable community . For 600-800k you can find a great house with 3000 square feet or more. We love Hoboken but if you have kids and need more space then Rutherford is a great place to consider.

  8. E

    Thanks guys, appreciate the feedback. We’ll have to take a look over there.

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