2015 Aug 8th

The July Hoboken Condo Sales Results

I’ve read that mortgage rates are going to start going up but very slightly and very slowly. Buyers often say they are afraid that rates are going to make homes unaffordable. I find this sort of funny because while they wait on the sidelines in fear of rising rates, actual home prices in Hoboken continue to skyrocket.

Here are the July numbers:

On average, a Hoboken condo now costs almost $700 a square foot. This month shows another substantial gain over last year, no matter how you measure it. When buyers come to me now asking for a property in Hoboken in the $300,000 range I start touting the merits of Jersey City Heights (and there are some real ones, including appreciation potential).

I heard an interesting fact the other day at a real estate seminar I attended. Inventory in Manhattan is down 32% from a year ago. Lack of inventory is putting price pressure on real estate all over the metro area. It can be extremely frustrating for buyers who are thinking “I’m not paying full price” only to be outbid over and over. It’s very difficult to work for clients with unrealistic expectations. I publish these statistics with the sincere hope that they will shed light on our market – light based on facts, not fear. I’ve never been the pushy salesperson but to succeed in this sellers’ market, some pushing is necessary. I let the analytics do that for me.

Enjoy the gorgeous weather and call me if you need an excellent agent to help you in your real estate search or sale.

Lori
201 993 9500

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  1. JC

    Anybody have any opinion on what area of hoboken will appreciate the most over the next 5 years? (let’s assume mortgage rates stay same and economy stays the same)
    southwest vs east midtown for example? thnx

  2. Peter Kim

    I think prices in Southwest are a little bit cheaper than the rest of Hoboken, primarily because there isn’t as much retail, restaurants, etc. Once there’s a bit more happening in that area, there will be less of a need to make the trek to Washington St or uptown to have a good time. I’m not sure the zoning board or the City are doing much to support more retail and restaurants in the Southwest corner though…

  3. Lori

    I actually think that Uptown/ East side will see the greatest gains as more and more expensive Toll properties hit the market pushing prices up in the surrounding buildings. This has become the “luxury” market for Hoboken and attracts buyers from NYC. If the City were ever to go through with the Vision 20/20 plan and replace the projects with mixed-use, mixed-income housing as has been done all over the US, including right here Jersey City, it might greatly increase values in the back of town but there has been little mention of it recently. Anyone know the current status?

  4. Lori

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