Inventory is low for Hoboken (302 units-condo to 4 family) and for downtown Jersey City (319 units-condo to 4 family) but properties that are out there do sell in this market which is why pending sales have been trending up over the last few weeks.
The problem that I'm seeing is that many buyers aren't willing or able to sell their properties at a loss. Many of the condos that sold in 2006 to 2009 are worth less now.
Sellers incorrectly think that they can just short sale (sell for less than the mortgage value) their property if it's worth less than they paid for it. What they don't realize is that if they have good salaries and can easily cover their mortgage payments a bank won't approve their short sale.
Pending Sales for Hoboken November 11, 2011:
130 dabos vs. 128 last week (1.57% increase)
Pending Sales for Downtown Jersey City November 11, 2011:
109 dabos vs. 104 last week (4.8% 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 Hoboken listings:
http://www.viewhobokenhomes.com/
Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/
Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC
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