Categories: Hoboken Condos
The February Hoboken Condo sales results are in. Prices are headed upward again and are 7% higher than they were a year ago. The story in Hoboken is the same as it’s been for some time now. Prices continue to creep upwards. Any increase in inventory which might relieve some of that pressure on prices is only temporary. There is fierce (and I do mean fierce) competition for every home that comes on the market. Paying over asking has become the norm. It’s very difficult for buyers who do not live in Hoboken and cannot run out to see new listings the day they hit the market. Look at the average price of a 2 bedroom today – $850,000! Figure you’re going to pay that for 1100 square feet in the Upper Grand or a MetroHomes building. Two bedrooms in ‘luxury’ buildings like Maxwell are well over a million. But, then, one bedrooms in nice buildings in the City are over a million. Hoboken is still a bargain compared to the NYC boroughs.
Here are the February numbers.