Categories: Hoboken Condos
February has been another record-breaking month, as anyone who has attended a Hoboken Open House on a recent weekend can attest. Despite arctic chill, March snowfall and an erratic stock market, the Hoboken condo market is stronger than ever.
One-bedroom Hoboken condos are now selling in the $450,000 range. You should expect to pay well over $700,000 for a two-bedroom condo and all bets are off when it comes to three-bedroom and larger. Now not only are those cute, little brownstones on upper Bloomfield well over a million, so are any three-bedroom homes of a decent size.
I met with some new buyers the other day who asked me what my projection was for the future. They, like many buyers, are worried that if they buy now, their property won’t appreciate. First, I pointed out to them that even if prices were to remain steady, they are still likely to be better off buying and taking advantage of the mortgage deduction and other tax benefits of ownership, given their six-figure incomes, than renting at Hoboken’s ever-spiraling rental rates. Then I reiterated what I’ve read in the local press (and by local I mean the New York Times and Wall Street Journal, not the Hoboken Reporter), economic journals and real estate industry analysis – this is just the beginning. When you look at prices of homes in other neighborhoods with easy access to Manhattan, I firmly believe that Hoboken is still underpriced compared to Manhattan, Brooklyn, and even Queens. Even if interest rates creep up a bit, which is expected by many, demand for nice properties in Hoboken, with its 10 minute commute and choice of PATH, ferry or bus, still far outstrips the limited inventory supply in our mile-square city.
Prices are up over 15% from a year ago. Inventory is scarce. Every offer I’ve made for my clients in the past few months has involved multiple bids. Having a high down payment (well over 20%) or paying cash is more common than you’d like to think and that, coupled with a well over-asking bid is what will buy you a home in this Hoboken market. Oh, and a really experienced agent goes a long way so if you’re looking for expert help, give me a call. My cell is 201 993 9500.
Enjoy the weekend! Spring is just around the corner.
Here are the February numbers: