2009 Aug 17th

What Sold Where Revisited

Here is a map of what Hoboken condos sold and where they were located.  Fill out the little form to see the map:

It’s broken down as follows:

These are sales prices for deals that closed since Jan. 1, 2009.

Here’s what I notice:

There are very few “dots” (higher priced units) west of Adams between 2nd & 7th but lots of solid bubbles.

There are “dots” along the water but also solid bubbles – all those older walk up buildings mixed in with new renovations.

There are “dots” all the way back to Jackson Street along the southern end of town (Newark, Observer, 1st & 2nd Sts).  Lots of new, high-end construction.

There are “dots” but very few solid bubbles around the 9th St. corridor on the west side and along  Adams, Grand and Jefferson above 9th St.  Again, new construction concentrated here.

The eastern half of midtown is a mix as the condition of housing is a mix.

So my take is that people will travel away from the water and the PATH – if it is worth the trip in terms of quality, but with limits as to how far they will go.  It’s uncertain how much the presence of the light rail stops at 2nd and 9th help but they sure seem to matter.

Posted by Lori Turoff | Currently 29 Comments »

2009 Aug 10th

What Condos Sold Where in Hoboken?

Location Location Location

We’ve had quite a bit of discussion on this board about location.  As I mentioned in a comment, I thought it would be interesting to see what has sold this year, and where it those condo units are located in Hoboken. 

So here you go – Part 1 of the analysis.  The map will show 1 br condos that sold for up to $345,000 (red dots) and 2 brs that sold for up to $499,000 (green dots) that have closed since January 1 this year.  I chose those price cut-offs as I believe they represent the lower priced 1 brs and 2 or more brs.

In a few days, I’ll add the more expensive units (1 brs over $345,000 and 2brs over $499,000).  For now, it is interesting to see where they cluster. 

To me, it looks like the 1 brs are located in the southwest section of town and along Washington and upper Park and 14th Street.  My explanation for this would be that either that is the less desirable part of town or that is where the older, less expensive housing stock is located.  Perhaps it is a combination of both.  The larger units tend to be scattered with the exception of the “9th Street corridor“.  Again, the reason for the lack of sales in the 9th St. corridor is that this is where the more expensive, newer units with parking and elevators tend to be located.  Draw your own conclusions.

To see the map, please complete the little form below.  Thanks.

Posted by Lori Turoff | Currently 68 Comments »

2008 Aug 15th

Buying A Hoboken Condos Is Just Like Drafting A Running Back

For My Blog Readers Who Aren’t Into Shoes:

Like many people, I love a bargain. Like most men, I also love my Fantasy Football Pool. Now put the two together and you’ll know how I look for late round sleepers. I go to My Street and Smith’s Pre-Season Issue and read every article on every team, from the Patriots veterens, to the 49ers rookies. Ultimately, I will only draft 5 running backs .  The research process itself is hugely important. Not only does it let me decide who I like best, it lets me know which players are a great deal. There is nothing like the thrill of finding a great wide receiver who will be available in the late rounds.ladanian.jpg

Think of Shopping for a Hoboken Condo Like the Search For a Perfect High Round Draft Pick

Just as you would never plan to draft LaDanian Tomlinson with the 10th pick of the draft, when buying a condo, you need to know your budget and what you can get at that price point. If you haven’t talked to a banker, financial advisor or mortgage lender you are doing yourself a disservice. Unless you’re paying cash for your Hoboken condo, you will need a prequalification letter from a lender to make your offer. Even though a ‘prequal’ is non-binding and you are not obligated to use that lender, it makes your offer a serious one. Similarly, just as you know if you’re looking for a running back in the 1st round, you should have an idea in which neighborhood you plan to concentrate your condo search. If you are all over the map its that much harder to focus in on which property would be the best potential home.

The “Health, Availability and Affordability” of Hoboken Real Estate

You can always find a back that’s just a little bit injured, or with a little bit of a coke habit in a late round. We draft them anyway thinking they will heal or stay clean. Sometimes they do, but often they don’t and wind up traded, cut or waived. You might want to draft an Adrian Peterson or Tom Brady but you don’t have a high enough draft pick (i.e. you can’t afford them). So when we select players, we go for a combination of health, availability and affordability. Buying a condo is no different but with real estate the crucial factors are location, condition and price. Like searching for players, a condo buyer has to consider all three factors and find the property in an acceptable location, in good enough condition and within one’s budget. The single best way to guarantee a winning combination when buying real estate is to look at as many properties as possible. Like reading FFN and watching Sportscenter, going to see as many condos for sale as possible will let you know when you’ve hit the winning mix and it’s time to make an offer. But just like frequently happens with players, if you take too long to decide (wait too many rounds), the best ones will be gone and you may miss out on the new home of your dreams.

Posted by Lori Turoff | Currently Comments Off on Buying A Hoboken Condos Is Just Like Drafting A Running Back

  • Page 1 of 2
  • 1
  • 2
  • >

Copyright © 2008 Hoboken Real Estate News     Login     Sitemap