2015 Sep 14th

The August Hoboken Condo Sales Results – In A Word – WOW!

Here are the August numbers:

For 5 months in a row, on average, Hoboken condos have sold for more than the list price. Sales prices are up almost 20% over last year. That is not a typo – 20%. The average 2 Bedroom Hoboken condo goes for almost $800,000. Days on market is a paltry 24 days. There is a message here – if you want to buy property in Hoboken be prepared to pay these prices. Otherwise, you are just practicing at real estate, not participating.

  1. Mike D

    Do you know how we compare to waterfront areas on the other side of Manhattan?

  2. Hobokeninc.com

    Great posts, as usual!

  3. Peter Kim

    Mike D.: I don’t have hard numbers to back this up. But I moved from Astoria (Queens) 2.5 years ago. I’m pretty certain prices are higher on the Brooklyn side and even on the Queens side (e.g. Long Island City and Astoria). It’s not just about prices though. The options available on the market are just different. In Queens (as with much of NYC), there are lots of co-ops on the market. Most of the condos are new developments where many are built as “luxury” buildings.

    I didn’t like the idea of buying into a co-op and the luxury condos were way out of my price range. And this might be hard to believe but real estate agents in NYC are just shadier — I found NJ realtors to be much more transparent and easier to work with. Lots of agents in NYC seem to have “exclusives” that aren’t available on MLS, selling brokers don’t want to share commission, etc.

    For those reasons, buying in Hoboken was a no brainer for me.

  4. Lori Turoff

    Thanks, HobokenInc!

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