Friday, May 27, 2011

Increases AGAIN For Hoboken and Downtown Jersey City-Stats Update-May, 2011




Absorption Rate
I'm happy to report that inventories are down in both Hoboken and downtown Jersey City again this month. We're down 18.9% for Hoboken to the lowest levels we've seen in almost a year. Downtown Jersey City increased slightly to 45.25 weeks, an increase of 3.83%. I thought the absorption rate would decrease in downtown Jersey City this week with all the activity I've seen over there.

Pending Sales
Pending sales increased another 5.8% this month in Hoboken. Downtown Jersey City increased 5.22% as well. The return of multiple bids on properties is here.

Transactions
Total transactions for Hoboken dipped 4.3% to 66 units for May. Downtown Jersey City dropped 39% and I'm not sure why.

Price Per Square Foot-Hoboken
Price per square foot prices for 1BR in Hoboken increased 8.4% to 479.33/sq.ft. due to increased demand of these units by first time home buyers.

2BR prices were basically flat at -.07%.

3BR prices are also down 6.8% this month as well.

Price Per Square Foot-Newport
1BR prices in the Newport area are up 10.53% compared to last month. There weren't a lot of short sales to drag down the pricing.

2BR prices are up 33.8% from last month and 32.1% as compared to April, 2010.

Price Per Square Foot-Downtown
1BR prices are up 28.89% from April with several sales this month in some of the newer, higher-priced properties.

2BR prices are up 18.6% from April and actually up 4.9% from May, 2010.

We've actually had some 3BR sales were up 9.9% from last month and are down 19.31% from May, 2010.

Newport definitely kicked things up a notch for May.

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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

8 Sales in Downtown Jersey City This Week-Downtown Jersey City Sales Update-May 27, 2011



We had a fairly decent week in downtown Jersey City this week.

1BR in the downtown area averaged $454/sq.ft. Not great, but not too bad either.

There was one lone 2BR sale in the Newport area that sold for $517/sq.ft.

There was a 2BR sale at 167 Wayne Street (Dixon Mills) this week. It's not my favorite complex, but this unit looked very nice.


Please click on the link below if you can't view 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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

22 Sales This Week in Hoboken, 1BR PRICES SOAR!-Hoboken Sales Update-May 27, 2011



1BR sales soared this week to $516/sq. ft., pushed by first time homebuyers scooping up the great deals in town.

2BR sales sputtered a little bit at $434/sq.ft. this week. There were several sub-$400/sq.ft. sales that brought down the overall average.

3BR sales averaged $428/sq.ft. and were brought down by a $387/sq. ft. sale at 609 Observer. It's a great unit, but not in the most desirable part of town.

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



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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Pending Sales UP for Downtown Jersey City This Week-Hoboken/Downtown Jersey City Pending Sales Update-May 27, 2011



Pending sales decreased by 1.5% for Hoboken this week, but is still doing well compared to where we've been.

DABOs for downtown Jersey City increased 8.7% which is great. I've definitely seen activity picking up in downtown Jersey City over the last several weeks.

Pending Sales for Hoboken May 27, 2011:

193 dabos vs. 196 last week (1.5% decrease)


Pending Sales for Downtown Jersey City May 27, 2011:

137 dabos vs. 126 last week (8.7% 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
Search Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Hoboken Absorption Rate DROPS 11.2%-Hoboken/Downtown Jersey City Absorption Rate Update-May 27, 2011



The absorption rate dropped AGAIN for Hoboken by 11.2%. This is the lowest absorption rate that we've had in 17 MONTHS!

Downtown Jersey City increased by 4.4% this week, but isn't too bad at 46.96 weeks.

The summer sizzle is here!


Hoboken Absorption Rate Update May 27, 2011:

22.3 weeks vs. 25.1 weeks last week (11.2% decrease)


Downtown Jersey City Absorption Rate Update May 27, 2011:

46.96 weeks vs. 45.05 weeks last week (4.4% 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 listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Friday, May 20, 2011

Pending Sales HOLDING STRONG This Week-Hoboken/Downtown Jersey City Pending Sales Update-May 20, 2011



We had minor decreases in pending sales for Hoboken and downtown Jersey City this week. Still very solid though.

Pending Sales for Hoboken May 20, 2011:

196 dabos vs. 203 last week (3.4% decrease)


Pending Sales for Downtown Jersey City May 20, 2011:

126 dabos vs. 127 last week (.008% 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
Search Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Absorption Rates DROP Again This Week-Downtown Jersey City/Hoboken Absorption Rate Update-May 20, 2011



The absorption rate dropped AGAIN for Hoboken by 15.6%. This mean inventories are getting LOW! Good times!

Downtown Jersey City also dropped by 4.4% this week-good job!


Hoboken Absorption Rate Update May 20, 2011:

25.1 weeks vs. 29.73 weeks last week (15.6% decrease)


Downtown Jersey City Absorption Rate Update May 20, 2011:

45.05 weeks vs. 47.11 weeks last week (4.4% 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

Search listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

13 Sales in Downtown Jersey City-Downtown Jersey City Sales Update-May 21, 2011





Please click on the link below if you can't view 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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

23 Sales This Week in Hoboken-Hoboken Sales Update-May 20, 2011



There were a few short sales this week that dragged down the average sales prices for 1 and 2BR condos in Hoboken this week. Fortunately, we don't have a lot of short sales.

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



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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Tuesday, May 17, 2011

Market Gains Momentum-Hoboken/Downtown Jersey City Stats Update-April, 2011




Absorption Rate
I'm happy to report that inventories are down in both Hoboken and downtown Jersey City. As a result the absorption rate for Hoboken is down 24.2% from last month and downtown Jersey City is down a whopping 33.6%. This can't any more clear of a sign that the market is stabilized and starting to strengthen.

Pending Sales
Pending sales for March soared 22.6% for Hoboken and 15.82% for downtown Jersey City last month. This is great news and shows that the market is getting stronger.

Transactions
The number of transactions for Hoboken is up 209% from March and is actually down 13.9% from April, 2010. Last April is when we were in the craziness of the $8000 closing credit. Downtown Jersey City is up 14.9% from last month and is up 4.07% from April 2010.

Price Per Square Foot-Hoboken
Price per square foot prices for 1BR and 2BR condos in Hoboken were basically flat this month. 1BR prices were down 6.6% from March, 2010 and 2BR prices are down 2.5% from March, 2010.

3BR prices are down 2.4% for last month and up 16.2% when compared to March, 2010. The lack of good 3BR on the market has been helping to keep 3BR unit prices stable.

Price Per Square Foot-Newport
1BR prices in the Newport area are down 13.4% compared to last month and down 9.2% compared to April, 2010. There have been a few short sales that have been dragging prices down.

2BR prices are down 16.4% from last month and 19.2% as compared to April, 2010. This is mainly due to several low price per square foot sales at 700 Grove.

Price Per Square Foot-Downtown
1BR prices are down 19.1% this month and down 3.2% from April, 2010 which wipes out most of the strong gains from last month

2BR prices are basically flat from last month and are actually up 2.08% from April, 2010. In general, there are always more 2BR for sale than 1BR units.

We've actually had some 3BR sales were up 19.58% from last month and are down 4.1% from April, 2010. There aren't a lot of 3BR sales but it's still good to see where prices are for these units.

Overall, things are picking up speed.

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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Friday, May 13, 2011

Washington Street Names one of 10 Greatest Streets in U.S.

The American Planning Association (APA) today announced the designation of Washington Street in Hoboken, NJ as one of 10 Great Streets for 2010 under the organization’s Great Places in America program. APA Great Places exemplify exceptional character and highlight the role planners and planning play in creating communities of lasting value.

APA singled out Washington Street for its affordable housing options and the city’s diligent efforts to preserve the street’s historic character through design guidelines and adaptive reuse. Additionally, the street stands out for its unique sense of place, including views of the Hudson River and the Manhattan skyline.

“Washington Street is Hoboken’s historic hub of community activity,” said Mayor Dawn Zimmer. “Unique, independently-owned shops, outdoor caf├ęs, world-class restaurants, and street fairs attract young professionals, families with strollers, joggers, and bicyclists who create a vibrant urban mix of activity and street life.”

“Although Hoboken has transitioned over the centuries from an industrial region into a bustling residential community, Washington Street has thrived by adapting to the community’s evolving needs while preserving its historic character,” the Mayor continued. “The street brings pedestrians directly to retail and commercial businesses and a mix of transportation options and is a great model for similar neighborhoods and communities.”
Through Great Places in America, APA recognizes unique and authentic characteristics found in three essential components of all communities – streets, neighborhoods, and public spaces. APA Great Places offer better choices for where and how people work and live every day and are defined by many things including planning efforts, architectural styles, accessibility, and community involvement.

“We’re very excited today to name Washington Street as one of this year’s Great Streets,” said APA Chief Executive Officer Paul Farmer, FAICP. “The city is to be commended for its planning and foresight to keep Washington Street’s historic character intact and to require affordable housing so residents aren’t displaced because of increased property value,” he added.

Since APA began Great Places in America in 2007, 40 Neighborhoods, 40 Streets and 30 Public Spaces have been designated in 47 states and the District of Columbia.

Once a prosperous rail and water transportation center, Hoboken tumbled into economic decline with the containerization of cargo in the 1970s. The city’s warehouses and lack of open space could not handle the giant containers and hard times ensued.

Washington Street, Hoboken’s main commercial corridor, was on the verge of complete dereliction in the 1980s. A new generation of residents seeking lower housing costs compared to those in Manhattan brought a new sense of liveliness to the street.

In 1981, Washington Street was designated a historic district by the city. Many original buildings were added to the National Register of Historic Places shortly thereafter, including Yellow Flats – home of Hetty Green, the first woman to have a substantial influence on Wall Street.

The street’s historic character is now preserved through design guidelines for any new construction or building alterations. Adding to the historic ambiance and pedestrian experience are 19th-century style lampposts, street clocks and benches.

To help long-time residents from being priced out of their homes, in 1988 Hoboken required affordable housing in the area including 140 units of low- to middle-income housing along Washington Street, with more incorporated just blocks away.

Today Washington Street bustles with activity comparable at times to avenues in Manhattan. The street hosts various festivals each year, including the Spring and Fall Arts and Music Festivals.

The nine other APA 2010 Great Streets are: Bank Street in Wallace, ID; Wydown Boulevard in Clayton, MO; Broadway Street in Red Lodge, MT; 5th Avenue in San Diego, CA; Middle Street in New Bern, NC; Massachusetts Street in Lawrence, KS; Washington Street in Middleburg, VA; Spring Street in Eureka Springs, AR; and Liberty Street in Franklin, PA.

For more information about these streets, as well as lists of the 2010 APA 10 Great Neighborhoods and 10 Great Public Spaces, and designations between 2007 and 2009, visit www.planning.org/greatplaces.

This year’s Great Places in America will be celebrated as part of APA’s National Community Planning Month in October 2010; for more about the special month, visit www.planning.org/ncpm.

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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Hoboken/Downtown Jersey City Pending Sales Update-May, 13, 2011



Pending sales for both Hoboken and downtown Jersey City are holding steady this week and 1.5% and .79% increases, respectively.

Further evidence that the market is rebounding.


Pending Sales for Hoboken May 13, 2011:

203 dabos vs. 200 last week (1.5% increase)


Pending Sales for Downtown Jersey City May 13, 2011:

127 dabos vs. 126 last week (.79% 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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Hoboken Drops Sharply This Week-Hoboken/Downtown Jersey City Absorption Rate Update-May 13, 2011



The absorption rate dropped by an impressive 12.8% this week for Hoboken.

Downtown Jersey City increased 12.49% this week, but the downtown area always moves up and down each week.


Low inventory + high demand = higher prices


Overall, things are continue to look good for both areas.

Hoboken Absorption Rate Update May 13, 2011:

29.73 weeks vs. 33.87 weeks last week (12.8% decrease)

Downtown Jersey City Absorption Rate Update May 13, 2011:

47.11 weeks vs. 41.88 weeks last week (12.49% 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 listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Downtown Jersey City Holding Steady-Downtown Jersey City Sales Update-----May 13, 2011




There were 8 sales this week in downtown Jersy City. Not great, but not bad.

There was a 1BR in the Newport area at 45 River Drive South for $401/sq.ft. It's a slightly older building, but if you like the Newport area, these properties are a great value.

There was a 1BR at 10 Regent that sold for $509/sq.ft. They call this the Liberty Harbor area and these units are very nice. They're not far from the Zeppelin Beer Hall which is a lot of fun....

On the 2BR front, there were no sales in the Newport area. Downtown 2BR averaged $422/sq. ft. There was a unit at Grove Point that just closed for $417/sq.ft. I know of someone who paid $562/sq.ft. for a similar unit at the peak of the market.

Please click on the link below if you can't view 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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

19 Sales This Week-Hoboken PRICES ARE GOING UP! Hoboken Sales Update-May 13, 2011




Lead by a $703/sq.ft. at Maxwell Place, 1BR sales this week reached $506/sq.ft. for the first time since June, 2010.

2BR sales reached $496/sq.ft. this week which are prices we haven't seen since June, 2010 as well.

....and why are you waiting to buy?

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



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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Friday, May 6, 2011

Pending Says Stay Strong for Hoboken and Downtown Jersey City-May 6, 2011



There was a small 2.3% dip in pending sales this week in Hoboken. We're above 200 dabos which is still very strong.

Downtown Jersey City increased by 3.3% this week to 126 dabos which is great.

Pending Sales for Hoboken May 6, 2011:

200 dabos vs. 205 last week (2.3% decrease)


Pending Sales for Downtown Jersey City May 6, 2011:

126 dabos vs. 122 last week (3.3% 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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Hoboken/Downtown Jersey City Absorption Rate Update-May 6, 2011



The absorption rates for Hoboken and downtown Jersey City had normal fluctuations this week. Hoboken was basically flat with a .01% increase and downtown Jersey City reversed its 4.6% decrease last week with a 4.6% increase this week.

Overall, things are continue to look good for both areas.

Hoboken Absorption Rate Update May 6, 2011:

33.87 weeks vs. 33.47 weeks last week (.01% increase)

Downtown Jersey City Absorption Rate Update May 6, 2011:

41.88 weeks vs. 40.02 weeks last week (4.6% 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 listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Solid Week-Downtown Jersey City Sales Update-May 6, 2011



We had 8 sales in downtown Jersey City this week.

Strangely, we had no 1BR sales this week.

There was a single 2BR sale in the Newport area at Crystal Point for $632/sq.ft. this unit was sold $158,000 less than asking and it still sold for $632.sq.ft.

We had four 2BR sales in the downtown area this week with an average sale price of $443/sq.ft.

There was one 3BR sale at 159 2nd Street (Waldo Lofts) for a lowish $414/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

Search Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

28 Sales in Hoboken This Week-WOW! Hoboken Sales Update-May, 6, 2011



Hoboken exploded this week with 28 total sales....WOW!

1 Bedroom sales averaged $455/sq.ft. this past week, which is only slightly higher than last week. What's important to note is that none of the properties sold under $400/sq.ft.

2BR sales averaged $430/sq.ft. with only two sales below $400/sq.ft.

3BR sales averaged $443/sq.ft. which are also solid numbers.

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



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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com

Thursday, May 5, 2011

Market Gains Momentum-Stats Update-April, 2011




Absorption Rate
I'm happy to report that inventories are down in both Hoboken and downtown Jersey City. As a result the absorption rate for Hoboken is down 24.2% from last month and downtown Jersey City is down a whopping 33.6%. This can't any more clear of a sign that the market is stabilized and starting to strengthen.

Pending Sales
Pending sales for March soared 22.6% for Hoboken and 15.82% for downtown Jersey City last month. This is great news and shows that the market is getting stronger.

Transactions
The number of transactions for Hoboken is up 209% from March and is actually down 13.9% from April, 2010. Last April is when we were in the craziness of the $8000 closing credit. Downtown Jersey City is up 14.9% from last month and is up 4.07% from April 2010.

Price Per Square Foot-Hoboken
Price per square foot prices for 1BR and 2BR condos in Hoboken were basically flat this month. 1BR prices were down 6.6% from March, 2010 and 2BR prices are down 2.5% from March, 2010.

3BR prices are down 2.4% for last month and up 16.2% when compared to March, 2010. The lack of good 3BR on the market has been helping to keep 3BR unit prices stable.

Price Per Square Foot-Newport
1BR prices in the Newport area are down 13.4% compared to last month and down 9.2% compared to April, 2010. There have been a few short sales that have been dragging prices down.

2BR prices are down 16.4% from last month and 19.2% as compared to April, 2010. This is mainly due to several low price per square foot sales at 700 Grove.

Price Per Square Foot-Downtown
1BR prices are down 19.1% this month and down 3.2% from April, 2010 which wipes out most of the strong gains from last month

2BR prices are basically flat from last month and are actually up 2.08% from April, 2010. In general, there are always more 2BR for sale than 1BR units.

We've actually had some 3BR sales were up 19.58% from last month and are down 4.1% from April, 2010. There aren't a lot of 3BR sales but it's still good to see where prices are for these units.

Overall, things are picking up speed.

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 Hoboken listings:
www.viewhobokenhomes.com

Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com