2015 Jul 2nd

The June Hoboken Condo Sales Results

Fireworks are in store – and not just for the 4th of July. The Hoboken real estate boom continues. Prices setting new highs with the average price per square foot now at $682. The average sales price is up 18% over a year ago. We even had to reduce the font for the price of 3-bedroom properties to make the numbers fit our chart.  Inventory remains low and multiple offers and over-asking prices are the order of the day. There are no signs of abatement in sight.

People often ask me, “is it a bubble?” I sincerely think not. Buyers are buying to occupy the premises, putting down at least 20% and have been priced out of Manhattan, Brooklyn and often Queens. Hoboken is a bargain compared to some places.

Here are the June numbers:

Unfortunately, the fireworks are no longer over the Hudson so the crowds won’t be in Hoboken, as they were in past years.  Whatever your plans for the weekend, have a safe, fun-filled Fourth and don’t hesitate to reach out to us for all your real estate needs!

The Turoff Team
[email protected]

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  1. Craig

    I remember tagging along with friends around 2007 looking at homes in the area and I asked their realtor if she thought the absurdly quick run-up in prices was a bubble that would burst. She too thought it wasn’t and that prices weren’t ever going back down. We all know how that turned out.

    That said, the Hoboken market has truly bounced back in a big way. We sold our condo this year (thanks Lori!) and had a 40% return after only 5 years from when we bought in 2010. Unfortunately, the 3 bedroom units we sought to upgrade to are out of reach, so we were priced out of the space we needed. So that and having a child helped make the decision to sell and leave Hoboken easy. Helping the current market is interest rates that are still historically low. I predict there will be a market correction if (when?) they start heading into the 6% range again.

  2. Peter Kim

    I think the only thing that might cause a significant market correction in Hoboken is a downturn in the overall economy, which I don’t think anyone wants even if it does have the side effect of lowering real estate values. If rates go up, we might see growth slow or flatten but probably not decline significantly.

    One difference between now and 2007 is that buyers are coming to the table with lots of cash. You need 20% down or more to get an offer accepted. Even though rates are at historic lows, we aren’t see much if any of the 0-5% down purchases that we saw during the bubble.

  3. JC

    with this federal reserve it should be a slow steady climb. If mortage rates jump to 6 overnight then buyers will sit on fence but I think slow rises will be telegraphed enough for buyers to still come in as long as, as peter said, overall economy and stock market stays overall good. The buyers now are more qualified and with so many mortgages from 3.5%-4.5% these last bunch of years homeowners have more money to spend or save…resulting in an overall better financial position. If you want to talk about a bubble….San Francisco and the Silicon Valley suburbs will pop when the valuations of these start ups come down back to earth and company’s start laying off all these homebuyers. That WILL happen.

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