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 enjoyed significant price increases over the last 10 years. The price increase for several years was in double digits. While 2008 reflected a slow down, the average and median prices continue that slow down in 2009.
While the ongoing housing crisis may be crippling markets nationwide, the one place that has so far been "less" affected by the downturn is in Manhattan and close in neighboring New Jersey.
The NY TIMES featured Hoboken in its Sunday Real Estate Feature vseveral months ago 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..."
However, the last couple months that trend has shown a significant downturn in activity.
The Web service Streeteasy.com reported over the Summer that waterfront properties continued to command premium prices 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.
While development on the west side is continuing, it is now moving at a much slower pace.
At this time of year, the housing market has come off a relatively quiet 2nd Quarter homebuying season and has slowed down in the late Summer and Fall.
While significantly less inventory came on the market in 2009, the average list price level for resales has remained basically what it was in 2008.
Even though things are still slowing across the country, Hoboken home sellers still hope for some price gains when they sell their properties. This is primarily because of the higher market price levels in Manhattan.
The slowdown in new condo construction in Hoboken has also been accompanied by an overall slowdown in new construction list price appreciation.
To recap, in 2009, so far average (and median) condo prices in Hoboken have declioned from 2008. This is especially true in the one bedroom properties. Also, their are many fewer buyers in the market and the units for sale represent 10-12 months of inventory.
What is particularly significant about this is that there is less total inventory on the market in 2009 versus 2008. Even so, buyers can still expect to experience competition for the best 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 good incentives to both Buyers and especially to their Realtors. In reality, the incentives are being offer in lieu of reducing the listed sales prices although we are now seeing real price discounting of the newer properties.
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 Hudson Tea itself), and any number of new or renovated 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.
