2017 Feb 6th

The January Hoboken Condo Sales Results

Hoboken condo sales prices have entered new territory. The average sale is now over $800,000. The trend remains upward.

Here are the January Hoboken condo numbers:

The Six Month Rolling Average:

  1. Joe Federici

    This is becoming too rich for my Jersey blood

  2. Lori Turoff

    LOL, Joe.

    But for those working in Manhattan, it is still the more affordable alternative compared to other locations with good transportation (Brooklyn Heights, Long Island City, Upper Manhattan and the Bronx).

  3. Michael

    Lori, do you attribute that number to a certain project being completed? It looks like fewer units were sold at a slightly higher square footage.

    Either way, I agree with you. Still more affordable than the alternatives. I am curious if demand increases once the Hudson Yards begins to fill up with corporate tenants. Hoboken and Weehawken will be a short ferry ride vs. commuting from Brookyn, UES, etc.

  4. Jon

    I personally think Hoboken still has tremendous upside potential.

    A majority of the new construction underway is rental apartments and not condos. The few new construction building for sale is ‘high-end’ which has led to swiftly rising prices on lower end of market.

    I would also agree, Hoboken is also more affordable. Brooklyn condo prices are still ~55-65% above Hoboken prices, providing great value for anyone looking to live close to Manhattan (most areas in Hoboken actually offer much better/quicker transportation options to Manhattan).

    Michael, you also raise a great point! I have also wondered if Hudson Yards will bring a lot of homeowners looking in the Hoboken area. Just a short ferry ride to work / shopping / dining.

    Would love to get Lori’s professional opinion on this all.

  5. Lori

    I do agree with you Jon and Michael. The demand is extremely strong and inventory crazy low. There is a chance that rising interest rates and economic/political uncertainty may play a role but I think it will be very slight. Even if rates rise a full point, they are still very low, historically, so after some initial sticker shock, buyers will get used to paying 5%. I bought my first condo in 1988 for about 12%. Salaries in NYC remain extremely high. Provided the buyers can come up with a reasonable down payment (they need 20% to even be in the game with so many multiple offers), I believe the market shall remain quite strong.

  6. Hobokent

    I’m interested to hear thoughts on whether or not the Washington Street revitalization will affect property values at all along the Washington corridor?

  7. Peter Kim

    Hoboken needs to allow more development of condos instead of rentals. The low supply of condos has artificially inflated prices. I was fortunate to get in a few years ago but it’s not much fun if none of my friends who aren’t bankers and lawyers can’t afford to buy anything here.

  8. Eric

    I totally agree, but there’s no legal way for Hoboken to require or force developers to build condos over rentals. With rental prices so high and the rental market seemingly strong, makes sense why a developer/investor would seek a steady multi-million dollar income while still retaining the ability to sell the building in the future.

  9. Hoboken, Inc.

    Agree with both Peter and Eric. The only chance this happens is for people to start going to city council meetings and make the case for condo development. Tell your councilperson & get involved. Don’t be afraid to speak.

  10. Lori

    The City has little ability to influence rental v. condo. If the land is zoned residential, and no variances are required (ah – there’s the rub), a developer can do what they feel best for their own interests. Hoboken has been notoriously poor at getting any sort of give-backs from developers. If you’ve been here 20 years as I have, you’ve seen that first hand. Toll Bros. “park” is a joke – it’s a cement slab. Builders in the back of town did nothing for the community – massive block-big structures and basically no amenities or open space. Don’t get your hopes up.

    I do hope improvements to Washington Street increase values – yeah, I live on Washington Street. It’s a detriment to some due to the perceived noise (not a problem if your bedrooms are on the back) but a huge advantage for convenience and transportation. Calmed traffic, a better streetscape and pedestrian friendliness can only help.

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