2016 May 12th

The APRIL Hoboken Condo Sales Results

Condo sales prices are on the upswing again in Hoboken. In a nutshell, if you want a 1 Bedroom, expect to pay about $500,000. A nice 2 Bedroom will run you about $800,000 and a 3 Bedroom fetches about $1,400,000. Of course, there are exceptions but you will be making a sacrifice on either location or condition. The three big factors of any purchase are price, location and condition. Price goes up with better locations and conditions. As you probably are aware, there is quite a range when it comes to condition of Hoboken properties. Location also matters as most local amenities (shops, cafes, restaurants) are located on the East side of town along Washington Street as is the PATH and Ferry. You will pay a premium to be in a better neighborhood in Hoboken and, believe me, not all Hoboken neighborhoods are created equally!

Here are the April numbers.

This chart sums up the trend pretty clearly:

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  1. jacob

    Thank you for supplying this analysis !!!
    It seems like the abs rate ticked up a bit, but still it is a fast market.

    Do you know when the units at 1400 hudson go on sale already? I’m wondering if that new inventory will bring the market’s price point down?

  2. Lori Turoff

    You’re welcome!

    They built and sold 4 other large Toll buildings (3 Maxwell buildings, & 1450 Wash) and the affect on market price was – prices went up! Don’t think it will matter a bit.

  3. Josh

    I recently saw an advertisement that stated “studios-3 bedrooms from the 600’s-2M’s”, so it sounds like they’re likely in the $900-$1k/ft range, which is comparable if not slightly higher than Maxwell. I personally don’t “get” why anyone would want Hoboken new construction (at the current premium);however, $1k/sqft transactions will only help drive up everyone else’s property value — particularly properties in desirable locations that have been updated with similar finishes and retain the one thing new construction is missing: character.

  4. JC

    Good point Lori, none of this increased inventory had any negative effect last few years. I must say I’m impressed ….Looking at the weekly roundup, impressive numbers on a few 2 BR condos in brownstones. 728 willow (1 bath), 919 Park (1 bath), 223 Park (2 bath dplx). All selling for appox $750+ sq ft. No Parking…BUT, one thing they all have in common is a nice backyard. Impressive for units that are certainly renovated but dont think “new construction” would apply.

  5. jacob

    @Lori

    A few years back you (during the bust period) you would calculate the abs rate by 1BR, 2BR, 3BR. Would you mind adding that back into your analysis periodically?

  6. lori

    Jacob,
    If I weren’t so busy I would love to break it down by bedroom size. It’s simply too much work. I still make my living selling real estate – not by blogging. Some day!

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