We had a reversal of fortunes this week as the Hoboken absorption rate increased by 38.5% and the Downtown Jersey City rate dropped by 32.5%. Hoboken had been very steady for the last several weeks and downtown Jersey City had been way too high at 70+ weeks, so I'm glad to see that decrease.
There have been some great properties in downtown Jersey City that have been lingering on the market that finally went under contract this week.
There was a unit at 296 Grand that went under contract that's been on and off the market for months. I've seen the units in this building and they're beautiful.
In Hoboken, we had a big jump from last week, but I'm not sure if this was just an anomaly. We'll have to see what happens next week. There were 4 contracts at 313 Grand that just went under contract this week. The units there have great finishes.
Hoboken Absorption Rate Update October 1, 2010:
47.93 weeks vs. 34.60 weeks last week (38.5% increase)
Downtown Jersey City Absorption Rate Update October 1, 2010:
54.63 weeks vs. 72.39 weeks last week (32.5% 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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