I've Seen A Lot of Smaller Construction Projects in Hoboken and Downtown Jersey City-September 30

I've noticed a lot of new, smaller construction projects going on around downtown Jersey City. A lot of 3 and 4 family houses/brownstones being converted. From what I can see, it seems like some of them are being converted to multi-unit condos and some are being renovated as single family homes.

There are a few larger projects breaking ground, like the second phase of the Hudson Tea Building in Hoboken, but not nearly as many as there were a few years ago.

It's nice to see that construction has picked back up in the area.

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Another Slow Week for Downtown Jersey City-Downtown Jersey City Sales Update-September 24, 2010

There were no sales in the Newport area this week.

There were only two 1BR bedroom sales and two 2 BR sales in downtown Jersey City this week. The listing at 9 Coles was a re purposed building and the developer really did a nice job. Loft style...very nice.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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2BR Sell at $469/Sq.Ft. --$56/Sq.Ft. Increase This Week-Hoboken Sales Update-September 24, 2010

One bedroom condos sold at a still strong $498/sq.ft. this week. There were no big standouts this week, just all solid sales.

Two bedrooms averaged a very strong $469/sq.ft. this week which were led by 1025 Maxwell at $609/sq.ft. and 360 1st Street at $489/sq.ft./

There was one 3 BR condo at 9th and Jefferson that sold for $451/sq.ft.

Even though the number of properties under contract have been dropping, the sales that are going through look very solid.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Pending Sales Dip for Hoboken and Downtown Jersey City-Pending Sales Update-September 24, 2010

We've seen another drop in pending sales of 2.2% in Hoboken this week. I've seen great properties come on the market over the last few weeks, so hopefully that will spur some more sales.

Downtown Jersey City also dropped by another 7.8% this week to even lower levels. As I said last week, there are some great deals over in Jersey City right now!

Pending Sales for Hoboken Setpember 24, 2010:

131 dabos vs. 134 last week (2.2% decrease)


Pending Sales for downtown Jersey City September 24, 2010:

83 dabos vs. 90 last week (7.8% decrease)


Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Absorption Rate Update-Hoboken/Downtown Jersey City-September 24, 2010

The absorption rate for Hoboken dropped by .4% this week and is still strong at 34.47 weeks. Properties are selling in Hoboken.

Downtown Jersey City's absorption rate dropped by another 11.3% this week, but is still high at 64.90 weeks. A normal absorption rate would be in the 24-32 week range. There are some great properties on the market downtown, but they're just not moving right now.

The absorption rate is an indicator of how time it will take to inventory in an particular area.

Hoboken Absorption Rate Update 09/24/2010:

34.47 weeks vs. 34.60 weeks last week (.4% decrease)


Downtown Jersey City Absorption Rate Update 09/24/2010:

64.90 weeks vs. 72.39 weeks last week (11.3% decrease)

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Slow Sales Week-Downtown Jersey City-September 17, 2010

There was a great 1BR short sale at 88 Morgan for $417/sq.ft. These have sold in excess of $600/sq. ft. at one time.

Downtown 1BR picked up slightly with an increase to $424/sq.ft. which is better than expected in the sluggish market over there.

In the downtown area, there was a great short sale at 149 Essex for $396/sq.ft. I had a deal that fell through over there for $455/sq.

There were only a total of 8 sales in the area this week...still pretty weak.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Hoboken 1BR Sales Soar This Week-Hoboken Sales Update-September 17, 2010

One bedroom condos for Hoboken soared to $526/sq.ft. this week which is the highest average we've had for a very long time. Buyers are continuing to move from renting to buying.

Two bedrooms averaged $412/sq.ft. this week, which is slightly lower than last week.

There was one 3 BR condo at 501 9th that sold for a strong $470/sq.ft.

We had a very strong 4BR sale at The Constitution for $611/sq.ft.


Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Pending Sales Slide Again This Week-Pending Sales Update-September 17, 2010

We've seen another drop in pending sales of 8% in Hoboken this week. There are a lot of lingering properties back on Madison, Monroe and Jackson that have struggled to sell over the last few weeks. There are some really good deals back there and the Light Rail really makes it easy to get to the PATH.

Downtown Jersey City also dropped by another 5% this week to the lowest levels we've seen in a very long time. There are some really great properties for sale in downtown Jersey City...definitely worth a look!

Pending Sales for Hoboken September 17, 2010:

134 dabos vs. 145 last week (8% decrease)


Pending Sales for downtown Jersey City September 17, 2010:

90 dabos vs. 94 last week (5% decrease)


Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Decreases This Week for Hoboken and Downtown Jersey City-Absorption Rate Udpate-September 17, 2010

The absorption rate for Hoboken decreased again by 3% this week, providing further proof this week that the Hoboken market remains stable as buyers focus on the old addage "buy for location."

Downtown Jersey City's absorption rate dropped by 5% this week, but is still very hight at 72.39%


Hoboken Absorption Rate Update 09/17/2010:

34.60 weeks vs. 35.58 weeks last week (3% decrease)


Downtown Jersey City Absorption Rate Update 09/17/2010:

72.39 weeks vs. 76.60 weeks last week (5% decrease)

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Do You Car What Kind of Car Your Realtor Drives? September 14, 2010

I was just curious if buyers are truly impressed by the type of car their realtor drives?

Whether they drive a Toyota Camry, Honda CRV or a Mercedes, do you really care?

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Nice Week for Sales in Downtown Jersey City-Jersey City Sales Update-----September 10, 2010

There was a nice 1 bedroom sale in the Newport area at 20 2nd Street (The Mandalay) for a strong $556/sq.ft. this week. Newport always posts higher per sq. ft. averages than the rest of downtown Jersey City.

There was also a 1BR + Den that sold at 253 Washington Street for $426/sq.ft. and I think this should've been a little higher.

On the 2BR front, we had a sale at The Shore (1 Shore Lane) and at The Portofino (65 2nd Street) in the high 400's/sq.ft. which is where they've been averaging lately.

There was a 4 family right on Hamilton Park that sold for $1,300,000. It had lots or original detail and was a true brownstone.

Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Good Sales Week for Hoboken-Hoboken Sales Update-September 10, 2010

One bedroom condos for Hoboken averaged $483/sq.ft. this week. 1500 Garden sold for a very low $433/sq. ft. which is very low for this luxury building.

Two bedrooms averaged $418/sq.ft. this week, even with 517 Jackson selling for $218/sq.ft.

We didn't have any 3 bedroom sales this week for Hoboken.



Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Search up for FREE local school reports and more at: www.hobokenjerseycity.com

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Hoboken and Downtown Jersey City Pending Sales Fall This Week-Pending Sales Update

Pending sales dropped again by 2.1% in Hoboken this week. It will be interesting to see how this translates to price per square foot prices in the upcoming weeks.

Downtown Jersey City also dropped by 7.9% this week. Is this remnants of the August summer slowdown? Time will tell.....


Pending Sales for Hoboken Setpember 10, 2010:

145 dabos vs. 148 last week (2.1% decrease)


Pending Sales for downtown Jersey City September 10, 2010:

94 dabos vs. 102 last week (7.9% decrease)


Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Absorption Rate Decreases 7.6% for Hoboken and Jumps 35.7% for Downtown Jersey City-Absorption Rate Update

The absorption rate for Hoboken decreased again by 7.6% this week, providing further proof that the Hoboken market remains stable as buyers focus on the old addage "buy for location."

Downtown Jersey City slid by 35.7% this week. I sure hope that this is just an anomaly and not an indicator of things to come for the area!

Hoboken Absorption Rate Update 09/10/2010:

35.58 weeks vs. 38.49 weeks last week (7.6% decrease)


Downtown Jersey City Absorption Rate Update 09/10/2010:

76.60 weeks vs. 56.43 weeks last week (35.7% increase)

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Slow Sales Week for Downtown Jersey City-Jersey City Sales Update-September 3, 2010

Can anyone say slow sales week for downtown Jersey City? Only 2 sales this week.

There was a short sale on a 2BR at 700 Grove that sold for a very low $281/sq.ft.

The 2 bedroom at 310 2nd Street sold for a strong $396/sq.ft.


Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Weak 2BR Sales This Week-Hoboken Sales Update-September 3, 2010

We had a very light sales week for 1BR condos in Hoboken with only two sales this week. 834 Washington sold for a low $437/sq.ft. while 501 9th sold well at $501/sq.ft.

There were 8 2 BR sales this week, but a lot of these units sold very low and were units that had lingered on the market for weeks, as is evidenced by the average sale time for 2BR this week at a very high 154 days.

3 BR condos were just average this week, with 510 Monroe selling low at $351/sq.ft.

There was one two family sale this week that sold for $1,245,000 which I think was very high for being on Monroe Street.


Please click on the link below if you can't see the chart:



Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Pending Sales Down in Hoboken and Up in Dowtown Jersey City-Pending Sales Update-September 3, 2010

Pending sales in Hoboken this week fell 5.8% as many buyers are away this week in the days leading up to the Labor Day weekend.

Pending sales in downtown Jersey City experienced a .09% uptick this week. Not much, but an increase is an increase.


Pending Sales for Hoboken Setpember 3, 2010:

148 dabos vs. 157 last week (5.8% decrease)


Pending Sales for downtown Jersey City September 3, 2010:

102 dabos vs. 101 last week (.09% increase)


Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Search up for FREE local school reports and more at: www.hobokenjerseycity.com

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Hoboken Decreases Again...Downtown Jersey City Increases Again-Absorption Rate Update-September 3, 2010

The absorption rate for Hoboken decreased by another 7.5% this week as buyers continue to focus on Hoboken's amenties and proximity to New York City as a safe haven for their purchases.

Downtown Jersey's Absorption Rate slid another 28.8% this week to 72.7 weeks as buyers in downtown Jersey City hold off on purchases in the area.

Hoboken Absorption Rate Update 09/03/2010:

35.63 weeks vs. 38.49 weeks last week (7.5% decrease)


Downtown Jersey City Absorption Rate Update 09/03/2010:

72.7 weeks vs. 56.43 weeks last week (28.8% increase)

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Search up for FREE local school reports and more at: www.hobokenjerseycity.com

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Hoboken and Downtown Jersey City Buyers! - Mortgage Rates Hit Decades Low of 4.32%

Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.
The average rate for a 30-year fixed loan was 4.32 percent this week, down from 4.36 percent last week, mortgage buyer Freddie Mac said Thursday. That's the lowest since Freddie Mac began tracking rates in 1971.

The average rate on 15-year fixed loan dropped to 3.83 percent from 3.86 percent the previous week. That's the lowest on records starting in 1991.

Rates have been falling since spring as investors have shifted money into safer Treasury bonds. That has lowered their yields, which mortgage rates tend to track.

The low rates have fueled a wave of refinancing by borrowers. Refinancing is at its highest level since May 2009 and makes up almost 83 percent of all new loans, its highest share since January 2009.

People seeking lower rates helped boost mortgage applications by 2.7 percent last week, the Mortgage Bankers Association announced Wednesday.

Average rates on five-year adjustable-rate mortgages fell to 3.54 percent from 3.56 percent the week before. Rates on one-year adjustable-rate mortgages fell to an average rate of 3.50 percent from 3.52 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year and 1-year mortgages. They averaged 0.6 of a point for 15-year and 5-year mortgages.



Information provided by:

Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

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Carlo's Bakery Hoboken Update-How Long is The Line?-------------------------------------September 1, 2010-9:10 pm

Carlo's Bakery Hoboken

Current wait time: 3:55 p.m.- 1 hour 30 minutes
189 people on line

The lines have been a little shorter over the last few days as families take their last vacations of the summer.




Information provided by:

Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Search up for FREE local school reports and more at: www.hobokenjerseycity.com

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www.hobokenpropertyvalue.com
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