Hoboken's real estate inventory consists primarily of restored/renovated or waiting to be renovated brownstones plus an increasing number of recently built or renovated luxury condominium (condo) buildings.
The Hoboken real estate market has enjoyed significant price increases over the last 10 years. The price increase for several years was in double digits. While 2007 reflected a slow down, the average price still has held its own year-to-date in 2008.
While the ongoing housing crisis may be crippling markets nationwide, the one place that has so far be less affected by the downturn is in Manhattan. However, how things will play out during the 4th quarter of 2008 is very uncertain.
A recent report entitled NEW JERSEY DEFIES NATIONAL HOUSING TRENDS indicated that the sales volume of existing single-family homes, condominiums and co-ops so far in 2008 increased 4 percent State-wide from the same period last year.
The NY TIMES featured Hoboken in its Sunday Real Estate Feature recently entitled: Hoboken Weathers The Market. According to the NY TIMEs, "HOBOKEN was often held up as the prime example of the booming real estate market, and now it appears that the city is showing that it can hold its own in a down market, too. Average sales prices are still increasing for downtown condominiums in Hoboken, although most asking prices are open to negotiation these days..."
The Web service Streeteasy.com also reported that waterfront properties continue to command premium prices in the 3rd quarter about 30 to 35 percent above those on Hoboken's west side, a former industrial area that was nearly unimaginable as a neighborhood only five or six years ago.
But development on the west side is continuing, fueled by interest from both buyers and renters, developers
At this time of year, the housing market is coming off the relatively active Spring/Summer homebuying season and has slowed down significantly in the last quarter.
While significantly less inventory is coming on the market in 2008, the average list price level is still not showing much softness. Unfortunately, even though things are slowing, Hoboken home sellers still hope for price gains when they sell their properties. This is primarily because of the previously strong market in Manhattan.
The continued new condo construction in Hoboken has been accompanied by an overall slowdown in new construction list price appreciation but not a significant list price reduction most new home buyers had hoped for.
So far in 2008, average (and median) condo prices year to date in Hoboken have not changed from the same period in 2007. The same is true for the last six months.
What is particularly significant about this is that there is currently 19% less inventory on the market versus last year at this time. Which means, some buyers are still going to experience competition for the better properties in Hoboken.
While Hoboken and the NY Metro area has lagged the national slowdown; we are now seeing developers bring new construction and condo conversions to the market with incentives to both Buyers and their realtors. In reality, the incentives are being offer in lieu of reducing the sales prices. Given its ideal location directly across from Manhattan, Hoboken continues to benefit from the strong price levels in Manhattan.
The largest addition to the housing inventory in Hoboken recently have been the new construction released for sale at Maxwell Place, 700 Grove, Harborside Lofts at the Hudson Tea, and any number of buildings spread across the western side of Hoboken clustering near the 2nd and 9th Street Light Rail Stations.
For more facts on the NJ Real Estate Market, see: "Get the REAL STORY on Real Estate in New Jersey" at www.realstorynj.com.
Our Associated Websites for more information can be found at: www.BayonneHomes.biz www.JerseyCityHomes.biz www.HobokenHomes.biz BuyersAdvisors.Msx.Mlxchange.com
ZIP Code: 07030 Location Characteristics: Hoboken (pop. approx. 40,000) is located directly across the Hudson River from Manhattan and sits in the center of the Hudson River Goldcoast towns.
Hoboken is filled with small specialty shops, bars & restaurants, a prominent professional community, highly regarded Stevens Institute of Technology, and is home for some of the NY metro area's most prominent business professionals, artists, musicians and entertainers.
Hoboken's lifestyle, amenities, stores and bars/restaurants and real estate options are strongly influenced by the students, business professionals and artists and entertainers who rent and own property there.
Only mile-square Hoboken is a very walkable city on-street parking is limited on Hoboken's quaint narrow streets and many properties do not have included parking.
Many of Hoboken's current buildings and unique architecture was built in the 19th Century to standards set by the Hoboken Land & Improvement Company which was created in 1838 to manage the city's development and created Hoboken's orderly street pattern, and brought a consistency, and coherence to its architecture and real estate. The City of Hoboken itself was incorporated in 1855.
Hoboken in the last twenty years has see its re-birth as one of the preferred places to live in New Jersey along the Hudson River Gold Coast - minutes by PATH or Ferry from Manhattan. Hoboken has also seen a renewed interest because of the extension of the Hudson-Bergen Light Rail to two stations in Hoboken (2nd Street and 9th Street on the westside) with service to Bayonne and Jersey City to the south, and Weehawken and Port Imperial to the north.
Hoboken's lifestyle, amenities, stores and bars/restaurants are strongly influenced by the students and professionals who rent and buy there.
Hoboken, the "Mile Square City", has an easy to navigate square street grid with:
- Streets running from East to West - starting in the South (next to Jersey City) with Observer Highway and Newark Street and then First Street north thru to Fourteenth Street (the northernmost east west street next to Weehawken).
- Avenues runnning from South to North - starting from the Hudson River to the East at River Street and proceeding West to Hudson, Washington, Bloomfield, Garden, Park, Willow Clinton, Grand, Adams, Jefferson, Madison, Monroe, Jackson, Harrison to Marshall Street (bordering Jersey City to the west).
Hoboken is directly accessible from points south via the New Jersey Turnpike Extension Exit 14C and from the north via the New Jersey Turnpike Lincoln Tunnel Extension Exit 16E. Hoboken is ideally situated across the Hudson River from Manhattan directly between the Lincoln Tunnel to the north in Weehawken and the Holland Tunnel to the south in Jersey City. Newark International Airport is only minutes away.
About Pam Bell:
Pam Bell - Broker - Member of the Real Estate Buyer's Agent Council and the Council of Residential Specialists, Broker of Record for BUYER'S ADVISORS.
BUYER'S ADVISORS has years of experience working for home buyers - including single family homes, condominiums, townhouses, and 2-4 family buildings.
Unlike ordinary real estate agents, BUYER'S ADVISORS always only works for and represents home buyers. What this means is that BUYER'S ADVISORS practices Buyer Agency, exclusively, and not Dual Agency.
If you are a "client" of BUYER'S ADVISORS, we guarantee that you will receive our full-time, undivided buyer representation.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
