Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of August 1st - 8th 2010


What's Cookin In Hoboken

Condominium Sales
This week there were 5 sales ( compared with the previous week of 15). The lowest priced sale was a 745 sq foot one bedroom with parking at 70 Adams with a list price of $419,000 and a sale $400,000. The highest priced sale was for a 1220 square foot two bedroom two bath at 600 Hudson. This sale actually sold ABOVE asking. Original list price was $669,000 sale price was $685,000.
Median list price for the week was $479,000 and the median sale price was $460,000. Median days on market was 63 days.

Pending Units
This week there are 12 units under contract. The lowest asking price was for a 700 sq foot one bedroom plus den and parking at 121 Willow with a list price of $389,000. The highest asking price was for a 2522 square foot 3 bedroom two bath with garage at 61 Madison with a list price of 1,19M.
Median list price for the week was $484,450 median days on market was 51 days.

Brownstones and Single Family Homes
Sales
This week no single family homes sold.

Pending
No contracts were written this week for single families.

Compare this week's sales to last weeks.

Information provided by the Hudson County MLS, deemed reliable but not guaranteed.

Buyers are in control says CNBC

Great CNBC article today poses the question "Is now the time for some home buyers to make a deal?" Before I even read the article I knew the answer was an unequivocal yes. Let's face it, you can't pick a better buyers market and most cases you're in control. It's almost impossible to time a bottom and who know's when or where that bottom will come? More importantly, how much longer will mortgage rates stay low? Consider this. If you're a buyer looking to purchase in the neighborhood of $500,000, with a 20% down payment you can score a loan at 4.75% fixed. That means that your monthly payments will amount to about $1900 - plus taxes and maintenance. Pretty good right? Now look at this.

Say that in 5 months that same $500,000 property you were looking at depreciated 5% and is now available for $475,000. If rates went up just a quarter of a percent to 5% and you put 20% down, that same property will cost you the same $1900 a month plus maintenance and taxes. If rates went up to 5.25% (1/2 of 1 percent) your monthly payment now becomes $2493 plus taxes and maintenance.

Shows you how significant low interest rates are and how they are directly related to this market. There are buyers taking advantage and negotiating great prices. Just think, our parents purchased their homes paying 9 and 14% interest rates on their loans.

What goes up must come down, and what goes down must come up.

You're In The Driver Seat!

MLS Inventory Shot

In Downtown Jersey City and Hoboken

Studios 29

1 Bedrooms - 356 Available

2 Bedrooms - 495 Available

3 Bedrooms - 96 Available

Single Family - 43 Available