Categories: Hoboken Condos
The January Hoboken Condo sales results are in. Prices are down a tiny bit from last month but still way higher than a year ago. It is my belief that real estate is an asset class where trends are set longer-term than month-to-month. Looking at year-over-year figures tells us that buying a condo in Hoboken was a great investment for the past few years. Almost a 34% increase in two years, overall. Find a bank or stock that shows those kind of returns! In the short term, the figures (meaning sales) are influenced by the weather, year-end tax considerations, what the particular mix of inventory is at any given point in time, the mortgage market and the news.
Speaking of mortgages, did you happen to see the Super Bowl Sunday commercial for Rocket Mortgage? Their tag line is “Push Button, Get Mortgage” (if only it were that simple) but the message was interesting. It’s a snowball effect to get a mortgage, buy a home, then buy all the stuff you need for the home, which will create jobs, spread the wealth, grow the economy and the basically save the world, American-style. Powerful idea (if only it were that simple).
Here are the January numbers. Now, let’s all go out and buy a Hoboken condo so we can start helping to save the planet!