2016 Mar 7th

The February Hoboken Condo Sales Results

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.

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  1. Hobokeninc.com

    Awesome work as always, Lori.

  2. Joe Federici

    I just heard a story that someone in Hoboken sold their condo to an all cash investor from China for 10% over asking.

  3. Lori Turoff

    I don’t doubt that. I have had several buyers be outbid by all cash deals on very high-end properties. I can’t speak to the nationality of the buyers but it is no secret that foreign buyers looking for a discreet place to park cash safely are driving the Manhattan market to new highs. No reason why they shouldn’t start buying in NJ.

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